The Central Bank of Azerbaijan has put Interbank Card Center (ICC) in operation.
According to the information on the bank's website, this is done in order to promote non-cash payments and for more efficient operations of the payment card infrastructure. "The innovation will provide a complete processing of data on transactions with payment cards in the country and more flexible tariffs for services," the website said. --17D-
Economics
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Azerbaijani President Ilham Aliyev has signed a decree enforcing the amendments adopted by the parliament to the Migration Code and the Law on State Duties, which will come into effect on October 22, 2024. The decree aims to ensure compliance with the recently enacted law, reflecting updates in procedures for issuing work permits and adjustments to the existing legal framework.
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President Ilham Aliyev has approved parliamentary amendments to four key environmental protection laws: the "Law on Fisheries," the "Law on Wildlife," the "Law on Environmental Protection," and the "Law on Hunting." The amendments are aimed at tightening penalties for illegal fishing, poaching, and environmental harm.
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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