The Executive Committee to establish a private credit bureau at the next meeting is going to find the best supplier of the software.
According to the press release from DemirBank (executive committee member), a request for proposals will be sent to August this year, and formal proposals operators are expected in September.
The main criteria for the supplier are a special experience, the opportunity to invest in the development of credit bureaus and financial stability.
The Central Bank of Azerbaijan, in turn, is finalizing the draft law "On Credit Bureau", which would create a regulatory framework for the activities of relevant organizations.
Chairman of the Executive Committee is the Deputy Chairman of the Board DemirBank Rauf Akhundov. The Memorandum of Understanding on the establishment of Azerbaijan's first private credit bureau was signed by AGBank, Azerbaijan Industrial Bank (ASB), Bank Respublika, DemirBank, MuganBank, TuranBank, Pasha Bank and Yapi Kredi Bank Azerbaijan. All of them belong to the Board of the Executive Committee. - 17D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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