The Chairman of the Board of Directors of the Financial Markets Control House Rufat Aslanli gave an interview with ANS TV. According to him, FMCH has worked out an individual program designed for local banks to strengthen their financial stability against the background of the lack of fundamental problems that could disturb the public in their activity.
We remind readers that there are problems connected with last year's double devaluation of the manat against the US dollar (banks borrow money from the Central Bank and international financial institutions in this currency, returning the funds with interest once again in US dollars).
According to Aslanli, the share of banking assets in GDP due to the devaluation is 67% (in manats), four-fifths of which were formed in the past year due to these processes, since the majority of the assets are denominated in foreign currency. It turns out that in dollars, their share is one third of GDP. --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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