In 2012, the total number of non-bank credit organizations operating in Azerbaijan increased by 8 to 133's.
As reported by the Central Bank, during the reported period, the number of branches of these institutions increased by 28 or 33% to 114. Most of all branches (31) are located in the Aran economic region.
In descending order of density of the branches Aran is followed by the Absheron economic region - 22 (+4 to the beginning of the year), Ganja-Gazakh economic region - 21 (+5), Lankaran economic region - 10 (+3), Sheki-Zagatala economic region - 10 (+4), Guba-Khachmaz economic region - 8 (3), Upland Shirvan economic region - 5 (1), Upper Karabakh economic region - 5 (2), and Nakhchivan economic region - 2 (0). There are no units in the Kalbadzhar-Lachin economic region. The number of organizations funded by international humanitarian organizations increased 1 point to 28. They accounted for 90 percent of existing branches.
During the reported period, 13 new licenses were acquired by credit unions, and 6 organizations lost them, with the total number coming to 104 units. - 15B -
Economics
-
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.
-
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."
-
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.
-
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.
Leave a review