Jan. 26
Two commercial banks to merge in Azerbaijan
Azerbaijani AGBank and DemirBank signed a protocol of intent about merging, AGBank said.
"This is still an intention, that is, two legal entities signed a protocol of intent about merging, their further actions that must lead to the merger and establishing a strong bank," the bank said.
Two more banks' licenses revoked in Azerbaijan
The Central Bank of Azerbaijan (CBA) has revoked the licenses of United Credit Bank and NBC Bank. The decision was taken because the total capital of the two banks didn't correspond to the CBA minimum requirement. The banks couldn't fulfill their obligations to creditors and didn't manage their current activity reliably and prudentially.
Temporary administrators were appointed at both banks.
Under the country's laws, the Azerbaijan Deposit Insurance Fund will pay the compensation to these banks' clients for insured deposits.
Azerbaijan Central Bank offers to launch collective lending system
Azerbaijan's Central Bank (CBA) offers to introduce a collective lending system, said Elman Rustamov, the CBA chairman. In case of introduction of a collective lending system, accountability will rise and the control over the proper spending will be strengthened.
Rustamov further emphasized the need for creation of a mechanism to insure the main types of agriculture products.
"If the price of the products in the United States, for example for grain falls below its prime cost, the state buys it. A similar mechanism has to be worked out [in Azerbaijan]," he said.
Jan. 27
Nationwide employment plan being developed in Azerbaijan
Azerbaijan will prepare a concept of employment covering 2016-2025, said Minister for Labour and Social Protection of Population Salim Muslimov. The Ministry for Labour and Social Protection of Population held the first meeting of a working group, which would prepare the draft of the concept.
Representatives from the Ministry of Economy, Ministry of Culture and Tourism, Ministry of Youth and Sports, Taxes Ministry, Ministry of Labor and Social Protection of Population, the State Statistics Committee, the Council of State Support to NGOs, the Trade Unions Confederation, the World Bank, the UN Population Fund and the International Labour Organization attended the meeting.
Azerbaijani president receives heads of German and Bulgarian statistical bodies
President of the Republic of Azerbaijan Ilham Aliyev received president of the Federal Statistical Office of Germany Dieter Sarreither and president of the National Statistical Institute of Bulgaria Sergey Tsvetarsky.
The president stressed the importance of the conference launching the second phase of the twinning project "Support to the State Statistical Committee in Modernisation of the National Statistics System of the Republic of Azerbaijan in line with European standards".
Two more banks' licenses revoked in Azerbaijan
The licenses of Atra Bank and the Caucasus Development Bank were revoked upon a decision of the Central Bank of Azerbaijan (CBA). The decision was taken because the total capital of the two banks didn't correspond to the CBA minimum requirement and that those banks couldn't fulfill their obligations to creditors and didn't manage their current activity reliably and prudentially. Temporary administrator was appointed at both banks.
Under the country's laws, the Azerbaijan Deposit Insurance Fund will pay the compensation to these banks' clients for insured deposits.
Jan. 28
Azerbaijani president receives ECO Secretary General
President of the Republic of Azerbaijan Ilham Aliyev received the Secretary General of the Economic Cooperation Organisation (ECO) Halil Ibrahim Akca.
The sides exchanged views over the prospects for cooperation between Azerbaijan and ECO.
Documents approved on TANAP for 2016
Azerbaijani state Oil Company SOCAR President Rovnag Abdullayev participated in a meeting of the management board of the consortium of Trans-Anatolian Natural Gas Pipeline (TANAP), during a visit to Turkey.
The meeting participants exchanged opinions on the upcoming work in 2016 as part of the project. The meeting also approved necessary documents on the TANAP project for 2016.
During the visit, Abdullayev also met with the Minister of Energy and Natural Resources of Turkey Berat Albayrak.
Azerbaijan, EBRD discussing support for private sector
Delegation of the European Bank for Reconstruction and Development (EBRD) arrived in Baku to discuss the package of support to the private sector of Azerbaijan, head of the EBRD local office Neal McCain said.
Jan. 30
Azerbaijan, IMF talk global energy market's impact on country's economy
The ministry of economy of Azerbaijan and the International Monetary Fund (IMF) discussed measures to minimize negative impact of instability in global energy markets on the country's economy. Expansion of cooperation, priorities in Azerbaijan's economy, etc. were also discussed during the meeting of the head of the ministry Shahin Mustafayev with the IMF delegation.
A meeting of the IMF delegation with Executive Director of the State Oil Fund of Azerbaijan Shahmar Movsumov also took place. In light of recent events, it was stated in the first place that the IMF and Azerbaijan weren't in talks to attract emergency aid package from international financial institutions. It was stressed that the country had sufficient foreign exchange reserves and the macroeconomic situation in the country was stable and sustainable.