Total receipts of cash to banks in January-September 2012 amounted to 23.209 billion manat, which is 34.8% more compared to the same period last year. The largest share belonged to sale of foreign currency - 32.8%. The share of commodity sales was 17%, income on loans - 7.8%, revenues from ATMs - 4.7%, revenues from services and work - 4.1%, revenues for notary account when buying property - 3.8% income on deposit accounts - 3.7%, etc.
According to the Central Bank of Azerbaijan, the shortage of cash turnover amounted to 1,153 million manat (AZN 191 million in September.) Thus, the cost of cash for the period amounted to 24.362 billion manat. This is 33.7% more than in 2011. Of the total expenditure amounted to 28.7% of the cost of purchasing goods and services, 26.2% - the cost of ATM cash collateral, 10.7% - the cost of buying foreign currency, 5.9% - mortgage payments, 4.6 % - a notary costs account for property transactions, 3.4% - payments from deposit accounts, etc.
Cash balance in the first nine months of the year amounted to 332 million manat, which corresponds to 1.4% of cash receipts during that time.
The average size of the daily cash receipts equaled 84,704 AZN and the expenses were 88,913 manats. - 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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