In the first half of this year, the volume of secondary market shares in Azerbaijan totaled 16.2 million manat, which is 85% less than for the same period in 2013. While only 13% of the turnover of the secondary market shares accounted for exchange transactions.
State Securities Committee unveiled the mid-year report on the state of the securities market, according to which the opaque operations on shares still prevail over the exchange transaction. While the World Bank within the framework of the project "Modernization of the capital market," sent $302,600 as loan to reduce OTC transactions. It looks like SSC and professional market participants cannot cope with investors who prefer narrow cabinets of notaries to the bright exchange platform.
According to the SSC, in January-June 2014 the OTC stock turnover amounted to 14.1 million manat. Outside the exchange 285 transactions were concluded, which is 10.8% more than in the comparable period of 2013.
Despite the existence of regulatory requirements, information on OTC transactions has not been disclosed since March 2012. In most cases one of the parties to such transactions is an insider (holder of more than 10% of the shares, a member of the Supervisory Council or the Board). - 08B-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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