The June 8 meeting of the Board of Directors of the Financial Markets Control House discussed the rates for its services rendered to subjects of the financial market. The FMCH press service said these tariffs had not been approved yet.
At the same time it pointed out that the tariff policy and the new tariffs for services will be established taking into account "international practice and Azerbaijani realities" on the principles of fairness and transparency.
A source in an investment company told Turan the draft scale of charges had not been submitted for the preliminary approval.
Effective from February of this year, FMCH has no information resource.
The FMCH meeting approved a methodology for determining the systemic importance of banks. It has been prepared on the basis of the standards of the Basel Committee on Banking Supervision of the World Bank. The text of the document is not made public. ----08D
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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