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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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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