The decision of the Central Bank of Azerbaijan about five times the requirements for the minimum level of the authorized capital of banks is hasty. This point of view was voiced in Baku by the Chairman of the Coordination Council of the Financial and Banking Council of CIS Anatoly Kazakov.
According to him, the process had to be staged, but the approach is more balanced because the country is not enough banks of micro-credit, for which such a substantial increase in capital is not true. "The capital increase on January 1, 2014 from the current 10 million manat to 50 million manat will cause that in the banking sector there will remain 10 banks, and the rest will face absorption or sale. This will on the one hand of the domestic market, and with another large field open to foreign investors."
Kazakov also noted the need to transform the Financial and Banking Council, Finance and Banking Union, and strengthening the process of creating an international financial center with a regional center in Baku, Almaty and Kiev. All this is reflected in the final resolutions of the conference, the final version of which is scheduled to be adopted next week.
For two days, participants in the forum "The financial markets of the CIS: new opportunities and global risks" discussed in the plenary session the role of financial institutions in the development of domestic capital markets and economic unions in the CIS, new opportunities for banks in CIS free trade zone, the prospects for cooperation between the countries member countries and other countries with the countries of the Common Economic Space canoes in the investment and development of the institutions involved in the promotion of small and medium-sized businesses in the CIS, the mechanisms and prospects for investment in infrastructure projects and transnational CIS products of Islamic finance, and Islamic banking etc.
At the conference, there was a ceremony of awarding the International Bank of Azerbaijan for its active contribution to the process of integration in the CIS.
The event is arranged by the CIS Financial and Banking Council and the International Bank of Azerbaijan with the support of the CIS Executive Committee. The conference will conclude a cultural program and a reception. - 15C
Economics
-
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.
-
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."
-
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.
-
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.
Leave a review