Dec.10
Azericard introduces cash transfer service to cards using ATMs
The Azericard processing centre has introduced a money transfer service for plastic cards through ATMs (cash in), the head of Azericard's Business Development Department Jahangir Mammadov told Trend on Monday. Mammadov said, at present, the service is active in ATMs belonging to the International Bank of Azerbaijan (IBA), receiving cash deposits. The service will soon be operative in the cash-in ATMs of other banks in the country. At present the Azericard network serves about 1500 ATMs, approximately 30,000 POS-terminals and two million cards. Today, AzeriCard delivers services to 30 banks. There are 43 banks in Azerbaijan.
Iran, Azerbaijan discuss implementing of joint projects
Azerbaijani ambassador to Iran Javanshir Akhundov and East Azerbaijan province head Ahmad Alireza Beigi discussed implementing joint agriculture and animal husbandry projects on the border of two countries. According to the information, the sides also discussed other issues, such as establishing of a draft plan on joint economic projects.
The plan would be prepared by the Aras Free Zone commission, and will be signed by the sides in the near future. By establishing this project, Azerbaijan and Iran plan to create a common economic area between the two countries. Another theme of talks between the sides was the relations of two countries in the field of urban management.Ahmad Alireza Beigi at the meeting invited Baku Mayor Hacibala Abutalybov to visit Tabriz, for further discussion bilateral interests between two neighboring countries.Regarding the railway development between Iran and Azerbaijan, it was decided to provide financial guarantees for the joint projects, and if possible to get Azerbaijani side to invest in the common rail-expansion projects, which will be implemented between two countries.
Azerbaijan, Russia, Belarus establish International Leasing Union
The Azerbaijan Association of Leasing Companies, Belarusian Association of Lessors and Russia's United Leasing Association (ULA) have created the International Leasing Union (ILU). The International Leasing Union was officially registered on December 3, talks about its creation were held in December 2011. The purposes of the union will be to develop essential areas and programs for all types of international leases while working with interstate coordinating bodies, participation in the development of national legislation towards the implementation of international leasing, draft agreements, conventions, corporate and legal framework of international leasing, analysis of the international leasing market's structure and dynamics, collection and compilation of pertinent statistical and analytical information for members of the ILU amongst other things. The Union is also planning to expand by attracting participants from other countries. The executive body of the newly created ILU will be located in Belarus.
Azerbaijan to start using standard on grain products from 2013
The Azerbaijani State Committee on Standardisation, Metrology and Patents has developed a new standard on grain products, spokesman for the State Committee Fazil Talibli told media today. "The standard is expected to be adopted by late 2012," he said. "It will then be in practical use from 2013." He said that choosing the weight while baking the bread will be free for all bakeries, but the issue of packaging will be urgent.
Azerbaijan, ADB discuss joint projects
The implementation of joint projects was discussed during the meeting between Minister of Finance Samir Sharifov and Director General of the Asian Development Bank for Central and West Asia Klaus Gerhauzer in Baku on Monday, the Ministry of Finance said. The parties discussed various areas of cooperation, including projects in the fields of power generation, creation of road transport infrastructure, creation and restoration of water supply and sanitation. The sides also exchanged views on the upcoming five-year (2013-2018) strategy of the Bank for the country. Gerhauzera noted that ADB is interested in continuing the financing of infrastructure projects in Azerbaijan. Azerbaijan has been a member of the ADB since 1999. The ADB's active credit portfolio reaches $680 million.
The ADB was established in 1966 and has 67 members. The headquarters of the bank is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999. The country's participation share in the bank's capital is 0.5 per cent. The ADB's leading shareholders are Japan and the US (31.2 per cent of the total share capital), India and China (12.8 percent), and Australia, South Korea and Canada (16 percent).
EBRD: Reforms in Azerbaijan's banking and insurance markets to allow development of capital market
The reforms in Azerbaijan's insurance markets will allow for increasing the stock of assets in the local capital market over time, the Transition Report 2012 of the European Bank for Reconstruction and Development (EBRD) says. These reforms are expected to increase the size of the insurance market and over time increase the stock of assets in the local capital market', the report says. EBRD said that a fivefold increase in requirements to banks' capital also affects Azerbaijan's capital market development.
Azerbaijani President receives Director General of ADB`s Central and West Asia Department
President of Azerbaijan Ilham Aliyev has today received Director General of the Central and West Asia Department of the Asian Development Bank (ADB) Klaus Gerhaeusser. During the meeting, they praised development of cooperation between Azerbaijan and the Asian Development Bank. They stressed the importance of implementation of joint infrastructure projects, including in the fields of transport and water supply. They expressed confidence this cooperation would be expanded in other fields. Azerbaijani Central Bank does not exclude further reduction of interest rates
The Central Bank of Azerbaijan (CBA) may continue downward tendency in interest rates in the future, the CEO of CBA Elman Rustamov told reporters on Wednesday. According to the decision of CBA Board, starting December 10, 2012 the discount rate was reduced from 5.25 percent to five percent. "This year, the inflation rate was very low, and given the long-term inflation tendency, the Central Bank decided to correct the discount rate. Moreover, interests on deposits and loans in commercial banks have reduced, which is also due to inflation," Rustamov said. "This year, the inflation rate was very low, and given the long-term inflation tendency, the Central Bank decided to correct the discount rate. Moreover, interests on deposits and loans in commercial banks have reduced, which is also due to inflation," Rustamov said. He said such an inflationary trend will continue, and decisions can be taken in the future to reduce the refinancing rate.
Dec.11
Azerbaijan, Saudi Arabia define promising areas of cooperation in agriculture
Azerbaijani Agriculture Minister Ismet Abasov discussed prospects of cooperation between Azerbaijan and Saudi Arabia in the field of agriculture with the country's Ambassador to Azerbaijan Fahd bin Ali Al-Dosari, the Agriculture Ministry said.
Abasov said that in order to strengthen the legal framework for cooperation of the two countries in the agricultural sector it is necessary to prepare draft agreements between the ministries of the two countries, including in the field of veterinary and phytosanitary. Organic production, implementation of joint projects to build reserves, processing and storage of agricultural products, the organisation of trade missions, exhibitions, as well as establishing cooperation between agricultural research institutes were defined as promising areas of cooperation.
Dec.12
Minister: Changes to tax code submitted to Azerbaijani presidential administration
The bill on amendments to the tax code has been submitted to the Azerbaijani presidential administration, Azerbaijani Minister of Taxes Fazil Mammadov told Trend on Wednesday. "This bill has been approved and it is at the presidential administration," he said. Deputy Minister for Taxes Sahib Alakbarov told Trend earlier that the bill will be submitted to the Azerbaijani Parliament by late 2012. He said it involves a lot of changes that will be in the interest of taxpayers. "The changes are aimed at improving the business area and creating conditions to encourage cashless payments," he said. "This is one of the most important issues for us as the tax base must be expanded and at the same time protect the rights of citizens. We must maximally take cash out of turnover. The current situation does not meet the desired level. The legislation must be first amended." He added the tax rate may be also reduced. The tax legislation in Azerbaijan is being improved all the time. Amendments to the tax code have been made separately from the state budget since 2008. This simplifies the process of considering and approving the budget forecasts and allows taxpayers to become familiar with expected changes. The draft amendments to the tax legislation were to be submitted to the Parliament till May 15. The discussion dragged on due to the diverging positions on a number of proposed changes.
Dec.13
Azerbaijan defines financial sector development priorities by 2020
The measures to be taken in the said period will contribute to a balanced development of the key segments of Azerbaijan's financial services market (banks, nonbank credit institutions, insurance, leasing, securities, factoring markets), the Draft Development Concept "Azerbaijan - 2020: The Vision of The Future" says.
"Bank supervision tools will be improved and necessary measures taken to ensure a stable and secure development of the bank system. Consolidation measures and structural reforms in the banking sector will be continued. Attention will be paid to stimulating competition and improving the quality of financial services, including the enhancement of electronic payments infrastructure. Capitalization of the bank system will be continued, expansion of banks into the districts promoted, establishment of construction savings banks supported and mortgage procedure improved. The systems of electronic payments and postal services will be developed and the rights of consumers of banking services securely protected," the draft says.
Azerbaijan to adopt state program to protect labor and monitor situation in labor market
A state program will be adopted to protect labor and monitor the situation in the labor market in Azerbaijan, the Draft Development Concept "Azerbaijan - 2020: The Vision of The Future" says. "Measures will be taken to create safe and healthy working environment for citizens and a state program adopted to protect labor and monitor the situation in the labor market. A national labor and employment information system will be created, a system put in place to monitor and analyze the labor market and measures taken to prevent unofficial employment," the draft says. The social protection system will be further improved, the material and technical infrastructure of state bodies providing social services reinforced, their types and network expanded and the sector of similar non-state and non-commercial organizations developed. The number of social apartments (homes) will be increased and the legal access for sensitive population to these apartments ensured. Social benefits will be unified and measures taken to increase them. The system of benefits to families with children will be improved.
ADB to prioritize financing infrastructure projects as part of its new Azerbaijan strategy
Financing infrastructure projects in the country will be a top priority in the Asian Development Bank's (ADB's) strategy for Azerbaijan, which is currently under preparation and will cover 2013-2017, ADB Resident Representative Olly Norojono said at a news conference. "Currently, bank employees are conducting thematic and sectorial assessment. During the next stage of our project, we will present the results of our research on relevant sectors of the Azerbaijani economy. Afterwards, in the first quarter of 2013, we will hold consultations with the country's government. The strategy will be agreed upon with the notion of 'Azerbaijan 2020: a look into the future', which is currently being developed, Norojono said.
Dec.14
Civil Service Commission under Azerbaijani President introduces application software
The Civil Service Commission under the President of Azerbaijan is introducing application software solutions, the state commission report told on Friday. Softline International was selected as the structure, which serves as a system integrator that carries out technical construction of the system. According to the state commission, the company won the quotation of the state committee dated November 27 for the purchase of application software solutions. Application software is a popular class of software products, which are of great interest to the users, and serve everyday tasks (data processing, document creation, graphics, databases, calculations, acceleration of learning process, etc.).
Azerbaijan, Norway accelerate cooperation
Baku Higher School and Statoil-Azerbaijan have signed the protocol on cooperation today. Protocol on cooperation envisages closer cooperation between Baku Higher School and Statoil-Azerbaijan, organization of visits of specialists from Baku Higher School to Norway and specialists from Norwegian higher education institutions to Baku Higher School, lecturers and trainings on various disciplines delivered by the highly qualified employees of Statoil-Azerbaijan for Baku Higher School's students. The protocol creates the opportunities for the transfer of knowledge and technologies of Statoil-Azerbaijan to Baku Higher School, participation of Baku Higher School students and specialists in Statoil-Azerbaijan corporate events, supports with the improvement of qualification of specialists in Baku Higher School. Ambassador Extraordinary and Plenipotentiary of Norway in Azerbaijan Erling Skjonsberg who took part in this event said that protocol signed between Baku Higher School and Statoil-Azerbaijan embodies relations between Norway and Azerbaijan developed day after day and embassy is ready to fully support development and strengthening these relations.
Deputy PM: Azerbaijan to continue effective cooperation with World Bank
The Azerbaijani government is confident in the continuation of effective cooperation with the World Bank (WB), Deputy Prime Minister Abid Sharifov said during a speech at a reception on the occasion of the 20th anniversary of Azerbaijan's membership in the World Bank. "The World Bank has played an important role in the economic success of Azerbaijan during the past 20 years in the frame of 56 joint projects worth $3.4 billion. During this period, the World Bank granted $42 million to Azerbaijan, which was sent to the preparation of projects, feasibility studies, training and etc.," Sharifov said. He noted that the bank granted about 40 percent of loans to Azerbaijan through the International Development Association, ie, on very favorable terms.
Dec.15
Azerbaijani President inaugurates Fuzuli Hydroelectric Power Station
Azerbaijani President Ilham Aliyev has today officially opened the Fuzuli Hydroelectric Power Station. President of Azerenerji company Etibar Pirverdiyev told the Head of State the facility covered a total area of 14 hectares. The 25.2 MW station will be linked to the country`s power system through "Harami" substation in Fuzuli. The foundation stone for the facility was laid in April, 2009 as part of President Ilham Aliyev`s visit to Fuzuli. Construction was carried out by local Azenco company. The Head of State pushed the start button. The facility will employ 35 people at the initial stage. The Fuzuli Hydroelectric Power Station will contribute to strengthening energy security and sustainability of Aran region.
Azerbaijani President opens freezing warehouse complex in Fuzuli
President of Azerbaijan Ilham Aliyev has today inaugurated a freezing warehouse complex in Fuzuli district. The total cost of the complex is 4.5 million manats. The facility occupies a total area of two hectares. The warehouse has a capacity of 5,000 tons. The complex has German-, Italian- and Finnish-made equipment. The facility will be used for storing vegetables, mostly potato and onion, cultivated by IDPs living in Fuzuli and adjacent districts. The complex will contribute to improving the welfare of local population, including IDPs, and to increasing the production of vegetables in the region. Executive Director of the National Entrepreneurship Support Fund Shirzad Abdullayev told the Head of State some 16.2 million manats had been allocated to 627 entrepreneurs in the Yukhari Garabagh economic district. He said the Fund has also granted 10.8 million manats for five high technology investment projects. According to him, the implementation of the projects will create nearly 1,600 jobs. The President was informed of newly-commissioned Garabagh Broyler poultry factory. The facility was built in 1994 in Garabagh village in Fuzuli, which was liberated from the Armenian occupation under national leader Heydar Aliyev. The factory costs 7.5 million manats, of which 5 million manats were provided by the National Entrepreneurship Support Fund. The facility will have an annual capacity of 2,100 tons of poultry meat. The factory created 120 jobs for IDPs.
Standard & Poor's affirmed 'BBB-/A-3' ratings of Azerbaijan, outlook is stable
Standard & Poor's Ratings Services today affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Azerbaijan. The outlook is stable. The transfer and convertibility assessment remains at 'BBB-'.