Total cash receipts to banks in January-May 2013 amounted to 15.256 billion manat, which is 26% more compared to the same period last year. The largest share of the income provided the sale of foreign currency - 32.6%. The share of sales of goods was 17.1%, income on loans - 8.7%, income on deposit accounts - 5.3%, revenues from ATMs - 4.8%, revenues for notary account when buying property - 4.5% , receipts for services and work - 4.1%, etc.
According to the Azerbaijani Central Bank, the surplus cash turnover amounted to 186 million manat (-130 million manat in May). Thus, the cost of cash flow for the period amounted to 15,070 million manat. This is 21.1% more than in 2012. Of the total expenditure 27.9% accounted for the cost of purchasing goods and services, 25.4% - costs associated with ATM cash collateral, 11.3% - the cost of buying foreign currency, 7.4% - mortgage payments, 5.8 % - spending a notary accounts for property transactions, 3.6% - payments from deposit accounts, etc.
Cash balances in the first five months of the year amounted to 356 million manat, which corresponds to 2.3% of cash receipts during that time.
The average of the daily cash receipts amounted to 101.030 million manat, and the expenses were 99.807 million manat. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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