BAKU, Azerbaijan, Nov. 29
Trend:
This week, the Central Bank of Azerbaijan (CBA) published statistical indicators for 10 months of 2020.
As of late October 2020, the money supply in manat in Azerbaijan amounted to 18.5 billion manat, which is 13.7 percent more compared to the same month of 2019, Trend reports with reference to the CBA’s statistical bulletin.
The volume of lending to the real sector in Azerbaijan as of November 1 amounted to 14.7 billion manat, where the largest share of loans fell on the household sector, amounting to 45.8 percent or 6.76 billion manat. The volume of problem loans in Azerbaijan on an annualized basis decreased by 27.3 percent or 378.4 million manat, amounting to 1.01 billion manat.
The European Bank for Reconstruction and Development (EBRD) has allocated 10 million euros to the government of Azerbaijan in order to modernize the infrastructure for collecting solid waste in the city of Ganja. The project includes improving operational and financial efficiency, and the main goal is to improve waste collection services in Ganja city in terms of environmental standards. The project has been conceptually tested and is awaiting final validation.
Moreover, this week, the Asian Development Bank (ADB) announced that it will present a project that will support and develop road safety initiatives for countries that have joined the Central Asia Regional Economic Cooperation (CAREC) program. This initiative will be implemented in Azerbaijan, Afghanistan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan and Uzbekistan. The project's budget is $1.5 million, and its implementation period is envisaged from December 2020 to the end of 2022.
In addition, a scientific and practical online conference was organized last week with the joint organization of the Union of Economists of Azerbaijan and the Chamber of Auditors of Azerbaijan. Speaking at the conference, Chairman of the Chamber of Auditors of Azerbaijan Vahid Novruzov stressed that Azerbaijan is an economically independent country and the transnational projects being implemented are priority not only for Azerbaijan, but also for the entire region. Novruzov noted that the Chamber of Auditors will make every effort to fulfill its tasks in the context of activities to restore the Azerbaijani lands liberated from occupation.
Also, the outgoing week was remembered by the rise in prices for Azerbaijani oil.