Most of the assets of NBCO accounts for foreign organizations
Total assets of non-bank credit organizations (NBCO) by July 1, were 579,310,000 AZN (+ 6.86% against the beginning of the year).
According to the Central Bank of the Republic of Azerbaijan with reference to NBCO, most of the accounts are on the assets of credit institutions, financed by international humanitarian organizations - 495 800 000 AZN (+ 8.4%), with a total authorized capital of 45,330,000 AZN (+ 6.6%).
Assets of credit unions are 56,180,000 AZN, the total share capital - 21,820,000 AZN. In the first half of 2014 the number of branches of such organizations increased to 194.
According to the Central Bank of the Republic of Azerbaijan, the total registered capital of micro-finance organizations to start the second quarter was at 79.68 million AZN (minus 3.7%), with 206 branches created (+ 6.2%). --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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