In late July, a general meeting of shareholders of the joint Azerbaijani-Turkish JSC Azer-Turk Bank will be held.
According to the report of the financial structure, they will discuss issues related to the future activities of the bank. Discussions will be related to the increase in the state share in the authorized capital - so that from 1 January 2015 the share in the assets structure of the State Committee for Property Affairs will be not 75% as previously, but 87.37% - through the purchase of securities previously owned by the Turkish Ziraat Bank. The bank left the shareholders of Azer-Turk Bank, as it obtained a license of CBA to conduct independent financial activities.
JSC Azer-Turk Bank was created in May 1995. Its main shareholder is the State Committee for Property Affairs with 87.37%, the reinsurance company AzReTekrarsigorta has 6.55%, the local life insurance company Qala Hayat Sigorta has 5% and Ziraat Bank International has 1.08%. --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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