The long-term ratings of default of the issuer’s default of Azerbaijan Mortgage Fund (AMF) have been worsened, both in manats and in foreign currency - BBB- became BB+ with a negative outlook.
According to the report of Fitch Ratings, this is due to the recent deterioration in the sovereign rating of Azerbaijan in connection with the fall in oil prices and the devaluation of the manat twice.
There is another reason - AMF activity is controlled by the Central Bank of Azerbaijan. In addition, the government is acively involved in the financing of housing construction. So AMF's ratings could be improved only after the improvement of the sovereign ratings of the state. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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