Ministry of Taxes Did Not Cope with Forecasts, both in Oil and Non-oil Sectors - Expert

The volume of money transfers from Russia to neighboring countries continued to decline in 2024, according to data from the central banks of Kazakhstan, Georgia, Armenia, and Azerbaijan analyzed by RBC. The figures, which account for transactions through banking infrastructure and money transfer systems such as Zolotaya Korona, Unistream, and Contact, highlight a continued downward trend after a surge in remittances in 2022.

Azerbaijan’s rice imports have surged as domestic production struggles to meet growing demand, underscoring the country’s reliance on foreign suppliers. Despite government initiatives to boost output, local production remains stagnant, with only 10,000 tons expected in the 2024-2025 season, while imports reached 55,961 tons between January and October 2024.

Azerbaijan and Pakistan have signaled a growing commitment to deepen energy cooperation, with a focus on renewable energy initiatives, as Azerbaijani Energy Minister Parviz Shahbazov hosted a delegation led by Pakistani Federal Minister Abdul Alim Khan in Baku on January 30.

Oil from Kazakhstan's largest field, Kashagan, has begun flowing into the Baku-Tbilisi-Ceyhan (BTC) pipeline. According to information from SOCAR, the first batch of this oil was received at the Sangachal terminal on January 27 and will be transported via BTC to the port of Ceyhan.