New form of accountability of local representative offices of foreign banks comes into force
The Central Bank of Azerbaijan has published on the website of legal acts a special form for the local offices of foreign banks (http://huquqiaktlar.gov.az/StatementDetails.aspx?statementId=34054).
According to the order number № 05/3 of the CBA chairman Elman Rustamov, the Regulation on the form, content and presentation of financial statements is effective from February 3. Delegation should provide a report on current activities and guidelines. Report on activities during the financial cycle should be delivered no later than 1 June of the following year. Reporting is conducted in paper and electronic form. --17D-
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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