The Financial Markets Control House (FMCH) discovered a structural division of JSC Para Bank at the Sumgait branch, which, as it turns out, works without permission and provides banking services.
In this connection, the FMCH Board of Directors annulled the decision on granting permission for the activities of the Sumgait branch of OJSC Para Bank and dismissed the administrator of the branch. In addition, the bank will suspend opening new branches and offices throughout the country for one year.
JSC Para Bank has operated since 1991. The Guliyev family controls the bank. The bank has 16 branches and operates in Baku and eight regions of Azerbaijan.
Para Bank finished 2015 with a small loss. -----08D
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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