Russian financiers are going to actively develop the banking sector of Azerbaijan.
As said at today's press conference the Russian Trade Representative in Azerbaijan Yuri Shchedrin, the number of local banks due to the decision of the Central Bank of Azerbaijan to increase the share capital up to AZN 50 million will decrease to 12-15 after 1 January 2014. Their place in view of developing the local economy will be possibly taken by wealthy foreign financial institutions, including Russian ones.
Today Azerbaijani credit institution Agrocredit and the Russian bank Rosselkhozbank have come to an agreement on the mutual fund-raising and financial participation. In the recent past, Sberbank of Russia was actively interested in the local business environment, now these plans are again relevant.
Now Azerbaijan has two Russian banks - Bank Nikoil and VTB. - 17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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