The Ministry of Taxes has announced that of the four banks liquidated on July 21 (Deka Bank, Credo Bank, Para Bank, and Zamin Bank) only the latter has tax arrears, the amount of which is only AZN 457.34.
The Financial Markets Control House of Azerbaijan withdrew the licenses of the four banks on 21 July. The reason for the withdrawal of their licenses is that ‘the assets of these banks are not classified in accordance with the law, they do not have the necessary reserves, and the total capital does not meet the minimum requirements of 50 million AZN.’ -0-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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