I The procedure of transference of foreign currency abroad has toughened. According to the order №45/1 of the Chairman of the Central Bank of Azerbaijan Elman Rustamov (Http://huquqiaktlar.gov.az/StatementDetails.aspx?statementId=36296), from 8 December residents and nonresidents, including entrepreneurs who are physical persons without opening a bank account can daily transfer into foreign bank accounts no more than $1; within 1 business day up to $10.000 during a month. Under the new rules of operations with foreign currencies, such limits are applied to the transfers to close relatives living abroad (all categories are listed, even spouses and parents - except children.) The order does not specify what should do individuals working on trust with foreign business partners and transferring abroad sometimes under the contract terms quite large sums of money. There are questions on many other issues, including those related to transfers to foreign clinics, which are unlikely to agree with inflows practice "per hour on a teaspoon." --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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