One of the issues discussed at today's meeting of the spring session of the Milli Majlis, was the law "On the Central Bank of Azerbaijan", which amended. Changes touched also the problems with the lack of equity of the capital of the CBA. Now the loss by the end of the year due to the revaluation of assets and liabilities in foreign currency and gold on the balance of the main financial regulator of the country will be covered by its own capital reserves. That is, if the assets are lower than the sum of its liabilities, the resulting lack of capital will be repaid after one year due to the financial state of the securities issued.
Under the new rules, after the formation of reserve capital and confirmation of the annual financial statement audit the balance of realized gains and the Central Bank will be transferred to the state budget.
Capital of the CBA consists of its share capital (50 billion manat) and capital reserves (not smaller volume.) Reserves are formed by contributions from the profits for the fiscal year. The minimum level of capital reserves is 15% of the national currency in circulation. --17D-
Economics
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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