BAKU, Azerbaijan, October 1. Financial sanctions totaling 135,609 manat ($79,700) were applied in the first half of the current year, the Director General of the Central Bank of Azerbaijan (CBA) Shahin Mahmudzade said during the presentation of the report on financial stability for the first half of 2024, Trend reports.
“In the first half of this year, 18 inspections and 47 control measures were carried out in the financial sector. As a result of recorded violations, financial sanctions totaling 135,609 manat ($79,700) were applied. In addition, tough measures were taken against 37 entities, which included revocation of licenses, suspension of their validity or imposing restrictions on their activities,” he stressed.
The State Service for Antimonopoly Supervision and Consumer Market Control under the Ministry of Economy of Azerbaijan gave relevant binding instructions to 5 subjects of the market in the first half of 2024 with the application of financial sanctions in the amount of 189,700 manat ($111,590).
To note, the State Service applied financial sanctions in 2023 to 24 market entities, the volume of financial sanctions amounted to 649,600 manat ($382,125).