Issues of establishment of private credit bureaus in Azerbaijan were discussed at the meeting of the Head of the Association of Banks of Azerbaijan (ABA), Zakir Nuriyev, and the Executive Director of ABA, Yunus Abdulov, with the representatives of the International Finance Corporation and the Swiss company Creditinfo Group, according to ABA.
According to Turan, the meeting agreed on an action plan and next steps for the creation of credit bureaus.
Before that Creditinfo Group participated in the creation of credit bureaus in Georgia, Romania and Kazakhstan and is their main shareholder.
The meeting discussed the steps taken to create credit bureaus and the forthcoming work in this direction.
Also discussed were the activities of credit bureaus overseas and benefit from their creation to banks and other related parties. -----76D
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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