Total assets of non-bank credit organizations (NBCOs) on January 1, 2013 reached the level of AZN 401.49 mln. For the year the figure rose to 85.95 million or 27.2%. The share of the organizations funded by international humanitarian organizations accounted for 82% of the total value or 329.28 million manat.
According to the Central Bank, for year-end 2012 the share capital of 133 non-bank credit institutions reached 61.06 million manat, increasing during the year by 34.3%.
The number of branches of NBCOs operating in the country since the beginning of the year increased 28 to 114. Most of all branches (31) are located in the Aran economic region.
Compared with the end of 2011, the number of NBCOs financed by international humanitarian organizations has increased by 1 to 28. They accounted for 90 percent of existing branches.
During the reported period, 13 new licenses were acquired for credit unions, while 6 organizations lost permissions, with the total number coming to 104 units. - 15B -
Economics
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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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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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