Press Review 03.05.2016

The main  topics in  the non-governmental media are social issues, socio-economic life of the country and regional relations.

Official newspapers report on the strengthening of Iranian-Azerbaijani relations, prospects of cooperation between the two countries in the oil and gas industry.

"Azadlig" cites the opinion of an expert Samir Aliyev about the increase by  7% a discount rate by the Central Bank, calling it an  expected event. He also argues that it is not the last step. Central Bank raises rates to stop inflation and protect the manat assets.

The expert tells about the country's dependence on imports and the rise in price of the dollar promises high inflation. Reducing the cost of some commodities will not be able to prevent inflation. National Bank recently reduced the money supply, and the government is trying to  control the situation  administrative measures.

"Novoye Vrema"-  the European Central Bank decided to close the Latvian "Trasta Komersbank", which has a branch in Azerbaijan. This branch  is involved in the  scandal with money laundering.

"Bizim Yol" wrote that about a hundred clients of the  "Texnikabank" have  faced  the fraud  by Zal Yusifov, the head of the Baku branch of  this bank, and  his son Ilham. The two men have misappropriated 36 million AZN,  that belonged to 81 depositor. Both were arrested, but Ilham Yusifov, without paying damages was dismissed, but the  investors have expressed their dissatisfaction. Investors have also been threatened by former employees of the Ministry of National Security, so they did not demand the return of the money.

Yeni Musavat" writes about the gas agreement between Azerbaijan and Georgia. The newspaper sees this as an attempt of "SOCAR to protect its market. Georgian Energy Minister Kakha Kaladze said that there is no more a  need to purchase gas from Iran. Thus, of SOCAR was able to consolidate its position in Georgia, despite the high price.