The International Bank of Azerbaijan (IBA) joined TheCityUK, becoming the first member in the Caspian region. The announcement was made as part of the first Caspian Corridor Conference held in London on Monday. The conference is organized by the CityUK in cooperation with the IBA and the Asia House, IBA reported.
"We are grateful for the opportunity to expand corporate relationships between Azerbaijan and Great Britain. The high professionalism of TheCityUK contributes to the promotion of high standards of business conduct in tandem with the growth of a new market," said the IBA Chairman Jahangir Hajiyev.
In turn, General Director of TheCityUK Chris Cummings expressed his satisfaction that the International Bank of Azerbaijan agreed to join TheCityUK. According to him, the IBA is a bank that brings invaluable experience from the Caspian corridor to TheCityUK.
Cummings, also believes that there are several reasons that make the Caspian region attractive to investors, including "youth" of the nation, the rate of GDP growth and economic liberalization reforms undertaken by governments in the region. -15D -
Economics
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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