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Overview of main events of Azerbaijani financial market for week

Finance Materials 6 August 2023 20:23 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 6. The Central Bank of Azerbaijan (CBA) will be able to impose financial sanctions on credit institutions that violate the rules for calculating and maintaining mandatory reserves, Trend reports.

According to the amendments, the CBA will be able to impose a financial sanction in the amount of 2 times of the average daily discount rate of the currency to be retained on the unsecured amount of mandatory reserves during the reporting period and 3 times of the average daily discount rate if the violation is committed three or more times during the year.

In accordance with the current law in force, the CBA could apply administrative sanctions provided for by the Code of Administrative Offenses of the Republic of Azerbaijan.

The requirements for implementation of investment services (operations) will be determined in Azerbaijan.

According to the decree, the Central Bank of Azerbaijan (CBA) is recommended to approve the requirements for the implementation of investment services (operations) within six months and inform the president of the Republic of Azerbaijan about it.

In addition, the CBA recommended to approve within six months the procedure for conducting interviews with members of the executive body and supervisory board of persons licensed in the securities market, as well as with the heads of branches of foreign investment companies and informing the president about it.

The Finance Ministry of Azerbaijan has revised the inflation forecast. Inflation in Azerbaijan is expected to reach 10.4 percent as of 2023.

Analysts of the Netherlands ING Group predict the growth of Azerbaijan's GDP in 2023 at a level of 2 percent.

According to ING's forecast, Azerbaijan's GDP growth will be 2.5 percent in 2024.

For 2025, the company forecasts Azerbaijan's GDP growth at 2.7 percent.

Thus, the average annual growth of the Azerbaijani economy will be 2.4 percent in 2023–2025.

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