BAKU, Azerbaijan, December 6
By Nazrin Israfilova – Trend:
On this week it had been known that the State Customs Committee (SCC) of Azerbaijan exceeded the obligations on receipts to the state budget by 11.19 percent in January - November of 2021.
SCC of Azerbaijan exceeded the forecast on receipts to the state budget by 2.83 percent. Thus, the receipts on the committee line constituted 3.9 billion manats ($2.29 billion) against the forecast for 3.8 billion manats ($2.24 billion).
Also, on this week it was reported, that the official foreign exchange reserves of Central Bank of Azerbaijan constituted $7 billion by 1 December 2021, which is less by 0.3 percent or $0.02 billion in comparison with the last month. The official foreign exchange reserves had grown by 10.2 percent. They amounted to $6.3 billion by the beginning of the year.
Besides, the monetary base in Azerbaijan amounted to 14.2 billion manats ($8.35 billion) by 1 December 2021, which is less than the indicators on 1 November by 2.4 percent, or 342.1 billion manats ($201.2 billion). Also the monetary base grew by 5.27 percent in comparison with the indicator of the beginning of the year, and by 20.9 percent in annual basis.
The net foreign assets of Azerbaijan amounted to 18.8 billion manats ($11 billion) in January-October of 2021, which is more than the indicators of the same period of the last year by 20.4 percent, or by 3.1 billion manats ($1.8 billion). The amount of net foreign assets of Azerbaijan by January-October of 2020 constituted 15.6 billion manats ($9.1 billion).
Also, it had been known that the amount of credits given to the sector of industry and manufacture was reduced by 290.4 million manats ($170.8 million), or by 23.8 percent in comparison with the similar period of last year – from 1.2 billion manats ($710 million) to 931.1 million manats ($547.7 billion). In the reported period the amount of credits given to this sector constituted 5.8 percent of general lending of the real sector (reduction by 2.5 percent in a year).
The amount of credits given in the real estate sector in Azerbaijan increased by 196.9 million manats ($115.8 million) or by 258.3 percent in comparison with the similar period of last year – from 76.2 million manats ($44.8 million) to 273.1 million manats ($160.6 million) from January to October 2021. The share of this sector in real estate lending amounted to 16.4 percent, which is less than the indicators of the similar period of 2020 by 35.1 percent.
Besides, the amount of credits given by banks in the construction sector in Azerbaijan in January-October 2021 grew by 447.6 million manats ($263,29 million) or by 103.5 percent in comparison with the similar period of 2020 – to 879.9 million manats ($517,59 million). The share of construction sector in the lending of the real sector constituted 5.4 percent, which is more than the indicators of the same period of 2020 by 2.5 percent.
In general, lending of the real sector of economy in January-October grew by 1.6 billion manats ($940 million) – 11.02 percent in comparison with the similar period of 2020: from 14.7 billion manats ($8.6 billion) to 16.4 billion manats ($9.6 million).
Also on this week it had been known that in the period from November 30 to December 1 of 2021 the total amount of operations with securities on Baku Stock Exchange constituted 14.1 billion manats ($8.2 billion).
The total amount of bargain increased by 24 percent, of repo operations – by 243 percent, with other corporate securities, excepting the mortgage bonds, - by 567 percent, and the bargains with these corporate securities in the secondary market – by 181 percent in comparison with the similar period of last year.
Also, the turnover of the investment companies on Baku Stock Exchange bargains has been published during this week. According to this publication PASHA Capital Investment Company CJSC comes first (12.4 billion manats - $7.2 billion), then comes Unicapital Investment Company OJSC (4.3 billion manats - $2.5 billion), BTB Capital Investment Company OJSC comes third (2.1 billion manats – $1.2 billion).
Besides, it has been reported that the main directions of suggested changes in the legislation include stimulation of entrepreneurship, the tax base expansion, reduction of finance and tax burden on the population due to social benefits, provision of tax benefits for business, and improvement of tax accounting, taxation mechanisms, and tax control.
One of the main changes, suggested in tax code, is application of the zero VAT rate in the transportation and forwarding services connected to the international and transit cargo transportations.
Also, on this week the regional manager of Visa in Central Asia countries and Azerbaijan Christina Dorosh has stated that the company is ready to cooperate with the Azerbaijan Banks Association in terms of its annual international events and will continue to organize seminars and webinars.