The population of Azerbaijan is holding 7,350,000,000 manat in local banks
The Central Bank of Azerbaijan has published a report for the 3rd quarter of the banking system.
According to the site, the total assets of local banks by October 1 were 23 505 800 000 manat (+ 3.12 billion or 15.3% against the beginning of the year).
Credit investments of banks in January-September were at a level of 17 129 500 000 manat (+ 14.3%), and equity - 3 898 800 000 manat (+ 13.8%).
Deposits in the banking system by October 1, were 7 351 900 000 manat (+ 14.9%). Most of the increase (5.1%) occurred in September. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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