For the first time in the recent two years, the Central Bank of Azerbaijan has carried out two issues of short-term notes totaling 650 million manat, the Financial Markets Supervision House said.
The House registered 6 million short-term notes at par value of 100 manat each, and 500 thousand short-term notes at par value of 100 manat each.
The maturity of the notes is 28 days.
Note that this is not the only anti-inflationary instrument used by the Central Bank of Azerbaijan. Since June 2016 the Central Bank has also conducted deposit auctions.
Only in October the Central Bank raised 300.6 million manat by five deposit auctions. ----71D
Economics
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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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