BAKU, Azerbaijan, January 18. Financial sanctions were applied to 24 market entities in Azerbaijan last year, Head of the State Service for Antimonopoly Control and Supervision of the Consumer Market under the Ministry of Economy Mammad Abbasbayli said at a press conference on the results of activities for 2023, Trend reports.
“The volume of financial sanctions amounted to 649,600 manat ($382,120). In addition, financial sanctions in the amount of 148,200 manat ($87,180) were applied to three market entities for failure to provide the necessary information and documents. The cases are still pending. Besides, 26 business entities independently eliminated violations,” he noted.
In total, last year, the service reviewed 48 cases, and a number of cases are still under consideration, according to the official.
The State Service for Antimonopoly and Consumer Market Control contributes to the development and implementation of state policy in the areas of antimonopoly policy, public procurement, technical regulation, standardization, metrology, and consumer protection. The fundamental aim of the service is to provide circumstances for free competition and effective entrepreneurship protection, ensuring the long-term development of the Azerbaijani economy.
The service was established by the decree of the President of the Republic of Azerbaijan, Ilham Aliyev dated October 23, 2019.
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