Two concrete production plants of Gilan Holding passed into ownership of Spark Group
Economics
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In the energy sector of Azerbaijan, another step has been taken towards the development of renewable energy sources - a new structure has been created - the Technical Committee for Standardization of Electric Power Industry and Renewable Energy Sources, designated as AZSTAND/TK 46. This committee, after approving its charter and structure, is ready to play a key role in shaping the regulatory framework governing the most important aspects of the country's energy sector.
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This year, within the framework of the "Year of Solidarity for a Green World", the foundation of four new power plants powered by renewable energy sources (RES) will be laid in Azerbaijan. This was announced by Energy Minister Parviz Shahbazov at a regular meeting of the commission established by Presidential Decree "On additional measures related to the implementation of projects in the field of renewable energy sources."
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The insurance sector in Azerbaijan is experiencing a notable surge in activity, marking a significant departure from the sluggish performance witnessed in the preceding year. In the first two months of 2024, the volume of insurance premiums skyrocketed by 8.4%, reaching 239.719 million manats. This remarkable leap underscores a renewed confidence in insurance products among Azerbaijani consumers.
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The Central Bank of Azerbaijan (CBA) recently announced a reduction in the discount rate from 7.75 to 7.25 percent, citing considerations of actual versus projected inflation, stabilization of inflation expectations, and changes in risk balance. Despite these efforts, interest rates on loans in Azerbaijan have remained stubbornly high, prompting scrutiny into the factors contributing to this discrepancy.
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