On September 16, the Deposit Insurance Fund increased the interest rate in the national currency deposits from 12% to 15%, the fund reported. According to Turan, the Fund said that the solution was agreed with the Chamber of supervision of financial markets and the Central Bank of Azerbaijan. The report notes that the deposits above 15% are not insured by the Fund and the compensation for them is not provided. The interest rate of insured deposits in dollars is 3%. 79D
Economics
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Azerbaijan’s SOCAR Polymer has reported a substantial rise in propylene exports, marking a 65% increase in September 2024 compared to previous months. This surge comes amid a general slowdown in polypropylene exports, which declined by 17.8% over the January to September 2024 period.
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Azerbaijan’s Parliament has amended the country's tourism law to restrict certain industrial activities within tourism and recreation zones, reinforcing environmental protections aimed at sustaining the appeal of these areas to tourists and safeguarding local ecosystems. The new amendment, endorsed by President Ilham Aliyev, introduces Article 19.5 to the “Tourism Law,” specifying prohibitions on industrial operations deemed harmful to tourism areas.
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The Baku-Tbilisi-Kars (BTK) railway, launched on October 30, 2017, celebrates its seventh anniversary, showcasing robust growth in freight transportation. According to Azerbaijan Railways (ADY), BTK, a vital link within the Middle Corridor, increased its annual freight capacity from 1 million tons at its inception to 5 million tons following modernization work completed in May this year.
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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, announced on social media platform X that a high-level session of the Baku Initiative on Climate Finance, Investment, and Trade (BICFIT) is scheduled for November 14 during COP29.
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