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Media Review for January 22, 2020
The decrease in water levels in rivers, the reasons for banks not financing the real sector, and the cost of rental housing are topics of today's media.
The newspaper Azerbaijan writes about lowering the water level in the country's rivers. For example, on January 21, the water level in the Kura decreased by 7 cm, and the water use is 100 cubic meters per second. This is below the mandatory norm and is 64%. The Ganykh River level at the Ayrichay point decreased by 1 cm, and the water level in the Araz River in the town of Gyvrag decreased by 2 cm. The article gives examples of water reduction in rivers at various points.
The Oxu.az website writes that banks do not finance the real sector.
In 2019, the National Bank continued its policy of gradual reduction of the discount rate, and at present it is 7.5%.
Why, then, do banks not finance the real sector?
Since last year, lending increased by 16%, including the issuance of business loans. Last year, the money supply increased by 24%, and more than 2 billion manat was transferred to banks.
However, lending to business entities only increased by 11%. When lowering the discount rate, it is very important to immediately reduce the interest rate on loans issued, experts say.
The website Marja.az writes that the social housing project is actually a real business project. According to MP Vahid Ahmedov, prices for such housing are unacceptable for low-income families.
Seven thousand manat is too much for a down payment, Ahmedov said. If these houses seem to be interest-free, then the prepayment should be low. With this approach, people will not be able to buy rental housing, so this issue needs to be reviewed.
According to the expert Natig Jafarli, this housing cannot be considered interest-free, because these same interests are already included in the total cost of housing. All this looks like a business project.
As you know, 331 apartments will be sold through rent.
Social
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An online meeting of civil society activists focused on the human rights situation in Azerbaijan, convened on the initiative of the Justice Solidarity Committee, highlighted significant concerns over the detention of journalists, political activists, and opponents of the war. The gathering, held on August 30, coincided with the International Day of Remembrance of the Missing and underscored the ongoing challenges facing both Azerbaijani and Armenian societies in the wake of the Karabakh conflicts.
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No precipitation is expected in Baku and on the Absheron Peninsula; the northwestern wind will change to a southeastern wind during the day. Air temperatures will range from 21-26°C at night and 33-38°C during the day, according to the National Hydrometeorology Service of the Ministry of Ecology.
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A fire has erupted at the Experimental and Testing Production of the Scientific Research Institute of SOCAR (the state oil company) in the Surakhani district of Baku, the Ministry of Emergency Situations reported. "Thanks to the urgent and necessary measures taken by the Ministry of Emergency Situations, the spread of the fire to neighboring areas, including nearby residential buildings, has been prevented," the statement reads. Efforts to extinguish the fire are still ongoing.
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In September, the average monthly air temperature in Azerbaijan is expected to be close to the climatic norm. Precipitation levels will also be near the norm, but in some areas, they will exceed it, according to the September forecast from the National Hydrometeorological Service.
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