BAKU/18.09.13/TURAN : Turnover of money transfers in the banking system of Azerbaijan made in January -July 2013 the equivalent of 1,167.8 million ($ 1,489 million). Compared with the corresponding period last year is more on the 227.8 million or 25%. The volume of revenue is 2.5 times higher than the sum of shipments, which in turn increased by 3.7 % compared to the same period last year.
In July, turnover transfers made AZN 238.8 million, an increase compared with July last year by 53.8%.
According to the Central Bank of Azerbaijan, the average amount being sent increased from AZN 582.3 in January to AZN 944.4 in July and received - from 574.8 to 660.9 manat. The number of sent remittances increased from 66 000 to 81 000, and those received - from 156,300 to 245,500.
The total number of recorded remittances in the period was equal to 1,929.6 thousand, including those received - 1,385.2 thousand. - 15B -
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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