Turnover of money transfers in the banking system of Azerbaijan made in January-July 2012 the equivalent of AZN 940 million ($ 1,195.8 million). Compared with the corresponding period last year, it's more on 163.9 million or 21.1%. While revenue doubled the amount of shipments, which in turn increased by 54.7% compared to the same period last year.
In July, turnover transfers made 155.3 million manat, up from last year's July by 15%.
According to the Central Bank of Azerbaijan, the average amount sent increased from AZN 877.3 in January to 967.6 manat in July, and the average taken was down from 594.7 to 535.6 manat. The number of sent transactions grew from 44 thousand to 55,600, and the number of those received grew from 113,000 to 189,500.
The total number of recorded remittances in the period was equal to 1,418.1 thousand, including those received - 1,061.7 thousand. - 15B -
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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