VTB Bank (Azerbaijan) completed transference of operations to the processing center «AzeriCard». According to the bank, the transition process began in late July in accordance with the recommendation of the Central Bank. "By the recommendation of the Central Bank of Azerbaijan, we carried out a project of migration to the local processing center. The transition process went smoothly, as it was planned. Currently activities of all payment cards and terminals across the network are supported by the processing AzeriCard," said Chairman of the Board of VTB Bank (Azerbaijan), Yuri Yakovlev. Previously the VTB Bank (Azerbaijan), which is a subsidiary of VTB Group, has collaborated with the Russian processing center "Multicard". Transference activities of payment cards and a network of terminals to a national processing center was carried out in accordance with the "Rules of the issue and use of payment cards.» --0--
Economics
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Azerbaijan's Consumer Price Index (CPI) in December 2024 marked a year-on-year increase of 4.9%, with food and beverage inflation leading the surge, according to data from the State Statistics Committee. The overall CPI stood at 104.9%, driven by a 5.5% rise in food products, beverages, and tobacco, 2.4% in non-food products, and a sharp 6.3% hike in paid services provided to the population.
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In 2024, Azerbaijan produced 29.1 million tonnes of oil together with condensate, down from 30.2 million tonnes in 2023, according to preliminary information published by the country’s Ministry of Energy.
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Azerbaijan’s inflation rate in 2024 remained relatively stable, averaging 2.2% for the year, according to data from the State Statistics Committee. While this marks a period of subdued price growth compared to global trends, the numbers reveal nuanced dynamics across sectors and reflect both domestic policy measures and external influences.
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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