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Weekly review of main events of Azerbaijan's financial market

Finance Materials 26 December 2022 09:41 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, December 26. This week the Central Bank of Azerbaijan (CBA), jointly with the Azerbaijan Insurers Association, has launched an actuarial development program aiming at forming a new generation of actuaries in the country with modern knowledge and skills, Trend reports.

In addition, Azerbaijan has joined international efforts against tax evasion and avoidance by joining the Organization for Economic Co-operation and Development (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS).

Furthermore, European Bank for Reconstruction and Development (EBRD) revealed its project portfolio in Azerbaijan.

The loan portfolio for the EBRD projects in Azerbaijan was estimated at 836 million euros as of December 1. The loan book is designed for the implementation of 33 projects.

A total of 89 percent (748 million euros) of the portfolio targets investing in sustainable infrastructure projects, 7 percent (58 million euros) – in industry, trade, and agriculture, and 4 percent (30 million euros) – in financial institutions, the EBRD said.

Touching on investments in Azerbaijan, Head of EBRD in Azerbaijan Kamola Makhmudova said that with one more deal to be signed by year end, the investment of the EBRD in Azerbaijan this year will exceed 90 million euros.

According to her, the breakdown is as follows: 25 percent each for sustainable infrastructure sector, and technology media and telecommunications (TMT sector), the remaining for agribusiness, manufacturing and services and financial institutions.

In addition, the EBRD is set to maintain its key strategic priorities for Azerbaijan in 2023.

“This means continued focus on developing the country’s non-oil sector, strengthening of local lenders, as well as boosting investment in green economy and regional connectivity,” said Kamola Makhmudova.

This week, Asian Development Bank revealed that the rate of the Azerbaijani manat is expected to remain tied to the US dollar rate at least until 2026

In addition, according to the bank's forecasts, inflation in Azerbaijan will be 5.2 percent in 2022, 4 percent in 2023, 3.3 percent in 2024, 2.9 percent in 2025, and 3.2 percent in 2026.

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