Azerbaijan's investment sector earns net profit worth AZN 4 million in first six months
Azerbaijan's investment sector earns net profit worth AZN 4 million in first six months
In the first half of 2024 Azerbaijan's investment companies earned a net profit of AZN 4.4 million. This is stated in the semi-annual report on financial stability published by the Central Bank of Azerbaijan.
According to the document, this is down by AZN 0.8 million, or about 15.4% from the same period of 2023.
‘The main factor contributing to the drop in net profit for investment companies was the growing administrative expenses of some companies,’ the report says.
Finance
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The main reason for the sharp - 2.6 times as compared to the same period of 2023 - rise in foreign currency sold by the State Oil Fund (SOFAZ) in January-October 2024 is the needs of the state. Expert economist Rovshan Agaev said.
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The Central Bank of Azerbaijan has issued an official warning to the Baku Stock Exchange (BSE). This is reported on the CBA website.
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As of the end of June 2024, the 'Mortgage and Credit Guarantee Fund' had deposits in Azerbaijani banks in the amount of AZN 4.6 million. This is reported in the semi-annual financial statements of the Fund.
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The Central Bank of Azerbaijan (CBA) has issued a licence for currency exchange activity (‘Exchange’) to 'Money Shop' company.
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