Review of monetary sector in Azerbaijan (january-september 2013)

As of October 1, 2013, the amount of foreign exchange reserves of the Azerbaijani Central Bank (CBA) reached $13.262.7 billion.

The reserves have been increased by 13.4 percent since early 2013 or by $1.568 billion. As of 2013, foreign exchange reserves hit $ 11.694.8 billion.

Some $3.34 billion or 25.46 per cent of the total reserve assets of the Central Bank of Azerbaijan (CBA) in foreign currency were placed in securities in January-September 2013, CBA's statistical report said.

For comparison: in the same period of 2012 some $3.98 billion out of CBA's total foreign exchange reserves were placed in securities.

According to the report, some $9.06 billion are on the accounts of other central banks, the Bank for International Settlements and the International Monetary Fund (IMF). Their volume increased by 32.97 per cent compared to the same period in 2012, while the specific weight of total assets held by the Central Bank amounted to 69.03 per cent.

As of January-September 2013, Azerbaijani Central Bank's total reserve assets in foreign currency amounted to $13.13 billion, increasing by 15.66 per cent, compared to the same period of 2012. As of late September, Central Bank's reserves kept in foreign currencies amounted to $12.89 billion, increasing by 16.03 per cent, compared to the same period of 2012 ($11.1 billion).

Currency market and manat rate

Today Azerbaijan manat is the most stable and reliable currency in the region. Chairman of the Central Bank of Azerbaijan Elman Rustamov said that a number of leading central banks are already showing interest in manat as a reserve currency. Manat is widely used in cross-border trade.

In 2013, the Central Bank directed its activity on such goals as maintaining single-digit inflation, the stability of the national currency, financial stability, intensifying of financial mediation and reached them during this period.

The Central Bank conducted the monetary policy taking into account the dynamics of the economic growth and inflation expectations for the first nine months. The macroeconomic stability was maintained, price stability was ensured and exchange rate of manat remained at a stable level.

The Central Bank of Azerbaijan (CBA) conducted sterilization of currency to the amount of $1.67 billion to prevent significant strengthening of manat rate and neutralizing the negative impact on the competitiveness of non-oil sector during the first three quarters of 2013.

This year, CBA continued its rate policy within the dollar / manat bilateral targeting. The supply on the currency market exceeds demand in terms of a large surplus in the balance of payments in the country.

The manat rate compared tot the U.S. dollar remained unchanged in January -September 2013 and appreciated by 0.06 percent. The stability of the national currency had a positive impact on the sustainability of the financial sector. Manat appreciated nominally and really compared to the currencies of Great Britain, Turkey, Russia, Ukraine, Georgia, Iran and Japan during the reporting period.

The nominal effective exchange rate of manat on non-oil sector in the total turnover increased by 5.7 percent in January -September. According to the model estimates, strengthening the nominal effective exchange rate by one percent reduces the prices by 0.3 percent. The real effective exchange rate on the non-oil sector strengthened during the reporting period by 2.6 percent.

It should be stressed that the high volatility of the dynamics was characterized for EUR / AZN exchange rate in Jan.-Sept. During this period, the euro exchange rate in Azerbaijan increased by 364 points or 3.56 percent (from 1.0229 manat per euro to 1.0593 manat per euro).

Foreign exchange market

Nine banks held 22 transactions at 42 trading sessions in Bourse E-System of Trades (BEST) in September 2013. The total trading volume in the currency section in an accounting month on USD / AZN (spot) totaled 30.779 million manat or $39.245 million.

The trading volume in the currency section decreased by 1.304 million manat or 4 percent in September compared to August.

The average daily turnover in the exchange electronic trading system on USD / AZN in September reached about $1.868 million, while the average amount of each transaction was $1.784 million.

The exchange rate of national currency on USD / AZN_TOD in the reporting month remained unchanged - 0.7835 manat per USD. The average rate of the U.S. dollar compared to manat hit 0.7843 manat per $1 in September 2013.

There was no trading on the interbank credit market functioning within BEST in September as in August. As of July, the amount of trading on the organized interbank credit market amounted to two million manat compared to five million manat in May, five million in April, two million in March, two million in February and five million manat in January.

The average monthly interest rate calculated on the basis of the applications of banks-market makers for BakIBOR loans up to 90 days in September 2013 amounted to 10.01 percent per annum in manat and 10.39 percent per annum in U.S. dollars. The rate on BakIBID up to 90 days was 4.93 percent per annum in manat and 4.74 percent in U.S. dollars.

In January-September BBVB turnover on U.S. dollar reached 318.903 million manat or $ 405.277 million (spot), and taking into account swap - 329.900 million manat or $419.277 million.

Azerbaijani monetary market

The Central Bank's important objective is to manage the money supply at an adequate macroeconomic and financial stability level, in terms of continuous growth of foreign exchange reserves of the country and increased liquidity of the banking system.

The Azerbaijani Central Bank stressed an increase in all units of the money supply as of January-August 2013 compared to the data in the same period of 2012. This is a result of the influence of two factors: the increase in the quantity of money in circulation and the rate of their turnover.

As of January-September 2013, money supply (M2) (cash in circulation (outside banks) and remainders in the domestic currency on accounts of non-financial organizations, financial (excluding credit) organizations and physical entities) increased by 19.41 percent compared to the same period of 2012, the Azerbaijani Central Bank's statistics report said.

According to the report data, as of nine months of 2013, the rate of M2 was 14.809.6 billion manat compared to 12.402.4 billion manat in the same period of 2012.

The amount of cash money supply (M0) increased by 15 percent and amounted to 9.560 billion manat compared to 8.315.4 billion manat as of the same period of 2012.

As of January-September 2013, Broad Money Supply (M3) totaled 17.613.6 billion manat or 14.8 percent more compared to the same period of 2012 (15.343.3 billion manat).

The transaction money (M1) increased by 16.74 percent per year and amounted to 11.736.8 billion manat compared to 10.053.6 billion manat in January-September 2012.

Parameters of monetary market, in mln manat

Amount as of October 1, 2013

Money mass in extensive understating (М3)

17613.6

Money mass on manat (М2)

14809.6

Cash in manat (М0)

9560.0

Non-cash in manat

5249.6

The monetary base in Azerbaijan showed a steady rise in January-September 2013 and as of October 1, the expanded monetary base amounted to 10.697.2 billion manat in the country, the Central Bank of Azerbaijan (CBA) said.

According to the CBA data, the monetary base increased by 13.8 per cent, compared to 9.399.7 billion manat during nine months of 2012.

According to the bank, the monetary base amounted to 10.615.9 billion manat by October 1, 2013, compared to 9.299.8 billion manat by October 1, 2012.

The volume of money in circulation amounted to 10.137.6 billion manat during the reported period, compared to 8.793.7 billion manat for October 1, 2012.

For its part, bank reserves amounted to 536.8 million manat, which is 9 per cent less than in September, 2012 (589.9 million manat).

The ratio of cash weight in circulation to the monetary base amounted to 94.8 per cent for October 1, 2013, compared to 93.6 per cent for October 1, 2012.

Azerbaijan's loan market

Azerbaijani banks have increased lending to the economy by 20.8 per cent in January-September 2013 and by 30 per cent per annum.

According to the Azerbaijani Central Bank, for the reporting period the banks delivered loans totaling 14.793.3 billion manat including 10.508.5 billion manat (71.03 per cent) in national currency and 4.284.8 billion manat (28.97 percent) in freely convertible currency.

For comparison, the figure was equal to 11.380.8 billion manat (7.641.4 billion manat in national currency and 3.739.5 billion manat in freely convertible currency) in Jan.-Sept. 2012, and as of early 2013 - 12.243.7 billion manat (8.422.8 billion manat in national currency and 3.820.9 billion manat in freely convertible currency.

Of the total portfolio, loans worth 795 million manat (5.37 per cent) were overdue compared to 757.9 million manat as of January-September 2012. Statistics of overdue loans do not include similar loans of the non-banking credit institution Aqrarkredit. Overdue loans increased by 4.5 per cent per year.

Short-term loans amounted to 3.428.3 billion manat (including overdue loans worth 374.4 million manta) compared to 3.252.7 billion manat (including overdue loans worth 412.7 million manat) as of the same period of 2012. Short-term credit in the economy increased by 5.4 per cent per year. As of early October 2013, 29.73 per cent of short-term loans were in freely convertible currency (1.019.3 billion manat).

As of October 1, long-term loans amounted to 11.365 billion manat (including 420.5 million manat overdue loans) compared to 8.228.2 billion manat (including 345.2 million manat overdue loans) as of Jan.-Sept. 2012. Long-term loans increased by 38.12 per cent per year. As of early October 2013, 28.73 per cent of long-term loans accounted for freely convertible currency (3.265.5 billion manat).

According to the CBA, the credit portfolio of the only state bank in the country (the International Bank of Azerbaijan) hit 5.135 billion manat with a specific weight of 34.7 per cent, while private banks obtained the loans worth 9.266 billion manat with a specific weight of 62.6 per cent. The remaining 2.7 per cent fall to the share of non-bank credit organizations. They obtained 392.3 million manat.

Most of all loans are granted to households in Azerbaijan. According to the CBA, as of January-September 2013, households received 38.5 per cent or loans worth 5.688.9 billion manat.

The construction and real estate sector (15.4 per cent or 2.283.8 billion manat) ranks second, the trade and services (14.9 per cent or 2.197.4 billion manat) ranks third.

It should be stressed that industrial and production sector received 9.9 per cent of the total lending amount of the Azerbaijani real sector, which hits 1.467.4 billion manat in nominal terms.

Some 3.5 per cent (515.5 million manat) fall to the transport and communication, 4.8 per cent (705.9 million manat) - agriculture and processing, 2.5 per cent (368.3 million manat) - energy, chemistry, and natural resources, 10.5 per cent or 1.566.1 billion manat loans - on the other spheres.

The loans, delivered to the population in Azerbaijan's regions, amounted to 2.004.31 billion manat in January-September 2013, or 13.54 per cent of the total loan portfolio of banks, Central Bank of Azerbaijan (CBA) said.

According to the CBA, in Baku this figure amounted to 12.789 billion manat, where the loans in the national currency accounted for 8.984.7 billion manat. As of October 1, 2013 the average interest rate on loans in the country was 14.3 per cent, and in Baku - 13.4 per cent.

The crediting volume in Absheron economic region amounted to 422.4 million manat at an average rate of 18.7 per cent, in Aran - 703.9 million manat at a rate of 20.2 per cent, in Mountain-Shirvan - 74.2 million manat at a rate of 23.6 per cent, in Ganja - Gazakh - 266.9 million manat - 21.6 per cent, in Guba-Khachmaz - 75.1 million manat - 21.7 per cent, in Lankaran - 211.4 million manat - 22.9 per cent, in Sheki-Zagatala - 100.3 million manat - 21.8 per cent, in Upper Karabakh - 45 million manat - 17.6 per cent, in Kalbajar-Lachin - 17 million manat - 24.6 per cent, in Nakhchivan - 87.6 million manat - 17.2 per cent.

As of October 1, 2013, the Azerbaijani banks reduced interest rates on loans in local and foreign currencies as compared to the figures for the same period of 2012, the Central Bank of Azerbaijan (CBA) said.

According to the report, the average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.14 per cent compared to 15.43 per cent as of October 1, 2012. The average rate on bank lending in freely convertible currency was 14.44 per cent compared to 15.53 per cent at the beginning of October 2012.

On October 1, 2013 the average rate on bank lending to legal entities in national currency amounted to 11.37 per cent compared to 13.47 per cent as of October 1, 2012. The average rate on bank loans to corporate clients in freely convertible currency was 10.91 per cent compared to 12.37 per cent in early October 2012.

As of October 1, 2013 the average rate on the bank lending to individuals in national currency amounted to 18.02 per cent compared to 18.48 per cent as of October 1, 2012. The average rate on bank loans to individual clients in freely convertible currency was 20.72 per cent compared to 22.42 per cent in early October 2012.

Mortgage lending market

In January-September 2013, the Azerbaijan Mortgage Fund (AMF) under the Central Bank delivered loans amounting to 80.21 million manat, or 76 per cent more than the volume of financing in the same period of 2012, AMF said.

Mortgage loans worth 500.44 million manat have been delivered since launching financing through the AMF showing the figures if 74.77 million manat - in 2012, 95.64 million manat - in 2011, 97.08 million manat - in 2010, 76.9 million manat - in 2009, 70.2 million manat - in 2007 and 5.6 million manat - in 2006.

According to the report, the total amount of loan refinancing delivered by the banks earlier hit 51.95 million manat during three quarters.

The AMF placed bonds worth 37 million manat since early 2013. Funds from these bonds are spent to finance conventional mortgages.

The remaining 20 out of 40 million manat envisaged for the social mortgage in the state budget for 2013, was transferred to the AMF in July.

Around 72 per cent of the total volume of given loans, that is 39 per cent of borrowers aged 18-29 and 33 per cent - 30-35 years old, fell to young people and families. Around 28 per cent of the loans fell to borrowers older than 36.

Currently, the maximum amount of a common mortgage loan through the AMF is 50,000 manat at a rate of eight per cent with a payback period of 25 years. Terms under the social mortgage are 50,000 manat at an annual rate of four per cent with a payback period of 30 years. The initial payment under the social mortgage is 15 per cent, whilst the conventional loan is 20 per cent.

Conditions of mortgage lending are as follows. Loans must be issued in Azerbaijani manats and only to Azerbaijani citizens and the mortgage can only be for an apartment or private house. The volume of mortgage lending must not exceed 80 per cent of the market price and the monthly payment must not exceed 70 per cent of the debtor's monthly income. It is compulsory to take out an agreement on life insurance.

Preferential conditions are granted to family members of war victims, national heroes, internally displaced persons, civil servants with at least a three years' experience, PhDs and those making special contributions to sport as well as to the military with at least a three-year service term. Each family having the right to such a mortgage can only use the opportunity once.

There are 28 authorised banks belonging to the Mortgage Fund. Around 21 insurance companies and 11 appraisal organisations are participants of the mortgage market.

Azerbaijan's banking sector

As of January-September 2013, the depositary base of Azerbaijani banks increased by 11.5 per cent and by 18.34 per cent per annum, the Azerbaijani Central Bank's (CBA) statistics report said.

According to the CBA, as of October 1, the total amount of bank deposits and deposits of physical and legal entities totaled 11.929.4 billion manat compared to 10.080.6 billion manat in the same period of 2012 and 10.699.2 billion manat as of early 2013.

Around 6.082.5 billion manat fell to cash in manat, of which 2.269.1 billion manat - demand deposits, 3.813.4 billion manat - term deposits. The funds in foreign currency amounted to 5.846.8 billion manat (1.603.7 billion manat and 4.243.1 billion manat, respectively).

Compared to the same period of 2012, deposits of physical entities increased by 36.9 per cent, while the volume of legal entities' deposits slightly increased by 3.03 per cent.

As of Jan.-Sept. 2013, the volume of physical entities' deposits in the banks amounted 6.237.4 billion manat compared to 4.556.3 billion manat in the same period of 2012.

According to the Central Bank, around 3.810.2 billion (61.1 per cent) of the population's funds were placed in the national currency - manat, while 2.427.1 billion manat - in freely convertible currency.

The Azerbaijani population's deposits in the national currency in the banks prevailed those in foreign currency in 2013. For comparison, around 2.615.9 billion manat (57.4 per cent) of the population's funds were placed in the national currency - manat, while 1.940.4 billion manat - in freely convertible currency in the first nine months of 2012.

In January-September 2013, the population's deposits attracted to Azerbaijan's banking system from regions, except Baku, amounted to 432.6 million manat or 6.9 per cent of the total volume of bank deposits.

According to the Azerbaijani Central Bank's statistics report, the volume of deposits in Baku amounted to 5.804.8 billion manat while those in the national currency amounted to 3.479.9 billion manat. The average percentage rate in the country and in particular in Baku during the reporting period was 8 per cent.

The sum of deposits in the Absheron economic region amounted to 141.7 million manat, with an average rate of 9.1 per cent, Aran - 123.1 million manat at 7.6 per cent, the Mountain-Shirvan - 12.1 million manat at 6.4 per cent, Ganja-Gazakh - 48.5 million manat at 5.3 per cent, Guba-Khachmaz - 14.9 million manat at 6.5 per cent, Lankaran - 37.7 million manat at 7.5 per cent, Sheki-Zagatala - 17.9 million manat at 5.8 per cent, the Upper Karabakh - 10.2 million manat at 4.5 per cent, Kalbajar-Lachin - 5.8 million manat at 5.2 per cent and Nakhchivan - 20.1 million manat at 3.3 per cent.

As of January-September 2013, the volume of deposits of financial institutions amounted 3.067.3 billion manat compared to 2.710 billion manat in the same period of 2012.

The volume of deposits of non-financial institutions totaled 2.624.7 billion manat compared to 2.814.3 billion manat in the same period of 2012.

Total deposits of legal entities totaled 5.692 billion manat compared to 5.524.3 billion manat in the same period of 2012.

As of Oct. 1, 2013, the Azerbaijani banks significantly reduced the interest rates on deposits in national currency and in foreign currency, a statistical report of the Central Bank of Azerbaijan (CBA) said.

According to the report, on Oct. 1, 2013 the average rate on deposits in manats (Azerbaijan's national currency) was 9.45 per cent compared to 10.21 per cent on Oct. 1, 2012. The average rate on deposits in foreign currency amounted to 10.04 per cent compared to 10.49 per cent in early October 2012.

As of Oct. 1, 2013, the average rate on deposits of individuals in manat was 9.9 per cent, while on Oct. 1, 2012, this figure was 10.53 per cent. The average rate on deposits of individual customers in foreign currencies amounted to 10.4 per cent against 10.82 per cent in early Oct. 2012.

According to the report, in early Oct. 2013 the average rate on deposits of legal entities in manat amounted to 5.69 per cent compared to 6.97 per cent on Oct. 1, 2012. The average rate on deposits of corporate clients in foreign currency amounted to 4.83 per cent compared to 4.27 per cent in early Oct. 2012.

Banks' financial activity

As of the third quarter of 2013, there were 43 banks in Azerbaijan, namely, 42 commercial banks and one state-owned bank. There are 22 banks with foreign capital. The share of foreign capital hits from 50 to 100 percent in six of them, up to 50 percent in 14 banks. There are also two local branches of foreign banks.

The Azerbaijani Central Bank (CBA) stressed exceeding the total profit of profitable banks over the total loss of unprofitable banks by 19.11 times as of January-September 2013, the Azerbaijani Central Bank's statistics report said.

According to the report, 38 banks' profit hit 260.29 million manat, and losses of 5 banks - 13.62 million manat. This allowed the banking system to earn 246.67 million manat of net profit.

The number of profitable banks increased by 5, while the total profit of the sector increased by 41.65 percent compared to the same period of 2012. The number of unprofitable banks decreased from 10 to 5 and the total loss reduced by 6.87 times.

The number of profitable banks increased by 2, while the total profit of the sector increased by 9.31 percent compared to the previous month of 2013. The number of unprofitable banks increased from 3 to 5 and the total loss increased by 3.6 percent.

According to the report, the maximum profit of the banking system was registered in 2009 - at the level of 269.57 million manat, earned by 39 banks. The biggest net profit amount was earned by banks in 2009 at the amount of 252.98 million manat.

Financial results of the banks' activity (after paying taxes) in million manat:

Period

Number of profitable banks

The total profit of the banking system (profitable banks)

Number of unprofitable banks

The total loss of the banking system (unprofitable banks)

Total profit (+) or loss (-) obtained by banks

Oct.1,2012

33

183,75

10

93,57

90,18

Oct.1,2013

38

260,29

5

13,62

246,67

In January-September 2013 the capitalisation of the banking sector of Azerbaijan increased by 34.7 percent to 3.15 billion manat as of October 1 compared to the same period in 2012.

As the CBA new requirement to the total capital of banks comes into force from January 1, 2014, envisaging its increase fivefold - up to 50 million manat, the banking sector actively replenished its capital base during this year.

According to the CBA, the number of banks with capital exceeding 10 million manat reached 41 in the reporting period, while in January-September 2012 this number was 39. The specific weight of banks belonging to this category in the total capital of the country's banks amounted to 99.7 percent by the end of the reporting period.

There have been no banks with capital formed within the limits of 5 million manat to 10 million manat since early 2010, while in September 2012 there were two such banks in the country's banking market.

There were two banks with capital from 3.5 million manat to 5 million manat in the reporting period.

The specific weight of banks of this category in the total capital of all banks in the country amounted to 0.3 percent by the end of the reporting period.

According to the Central Bank of Azerbaijan, as of October 1, 2013, the banks' assets amounted to 19.400.46 billion manat compared to 15.315.69 billion manat in the same period of last year.

According to the report, the bank assets increased by 26.7 percent per year, 2.5 percent in September and by 17.36 percent since early 2013.

The basis of the assets of the banking sector (69.8 percent) accounted for loans and advances paid to customers to the sum of 13.456.2 billion manat (a 33.7 percent increase per year), investments (1.589.7 billion manat with a 26.4 percent increase) and funds on correspondent accounts (976.4 million manat with a decline of 8.7 percent).

Loans and deposits to the financial sector amounted to 795.5 million manat with a growth of 3.4 percent.

The lion share in the structure of liabilities accounts for deposits standing at 8.570.1 billion manat as of October 1, 2013, showing an increase of 21.4 percent compared to the same period last year. Loans and deposits from the financial sector amounted to 6.507.9 billion manat, increasing by 36.8 percent.

Payment card market

The number of payment cards in Azerbaijan slightly reduced by 0.3 per cent to 5.347 million units in September compared to August.

However their number increased by 8.6 per cent compared to the same period of 2012.

According to the report, the total turnover on payment cards via ATMs and POS-terminals amounted to 833 million manat and the total number of transactions to 5.618 million units in September.

The number of transactions on debit cards equalled 4.59 million units to the sum of 682 million manat.

Around 3.086 million transactions amounting to 617 million manat of the total number of transactions on debit cards were implemented via ATMs within the country and around 499,000 transactions amounting to 44 million manat via POS-terminals.

At least 1,028 transactions worth 151 million manat were implemented on credit cards in September 2013.

As many as 318,000 transactions amounting to 75 million manat of the total number of transactions on credit cards were implemented via ATMs and around 302,000 transactions amounting to 60 million manat via POS-terminals, the report said.

As of October 1, 2013, around 2,396 ATMs operated in the country, about 1,355 of which are located in Baku and 1,041 in other cities and regions of the country. Their total number increased by 172 units or 7.7 per cent per year.

The number of POS-terminals amounted to 35,152 units, around 31,068 of which are installed in Baku and 4,084 units in other cities and regions as of October 1, 2013.

The number of POS-terminals has decreased by 1,550 units or by 4.3 per cent since September 2012.

Stock market

The total turnover of transactions on all instruments on the Baku Stock Exchange (BSE) in January-September 2013 totaled 5.256 billion manat, or by 33.37 percent less compared to the same period of 2012.

Such a decrease in stock market in the country caused by decrease in the state securities market by over a third, while the corporate securities market increased by over a third.

According to the statement, the volume of the state securities market exceeded 4.38 billion manat in January-September and the volume of corporate securities reached 880 million manat.

Comparative table on the results of trades on corporate sector at BSE (January-September 2013):

Market segments

30.09.2013

30.09.2012

Percentage ratio

Volume of transactions. AZN

Number of deals

Volume of transactions. AZN

Number of deals

Corporate bonds- (placement)

83 565 524.60

63

37 341 335.00

66

223.79%

Corporate bonds - (secondary market)

458 372 663.64

146

254 714 022.50

93

179.96%

Stocks - (placement)

323 261 199.69

278

335 788 218.23

122

96.27%

Stocks -(secondary market)

14 259 629.78

2 765

8 812 679.22

2 589

161.81%

CS Market Total

879 459 017.71

3 252

636 656 254.95

2 870

138.14%

Comparative table on the results of trades on state sector at BSE (January-September 2013):

Market segments

30.09.2013

30.09.2012

Percentage ratio

Volume of transactions. AZN

Number of deals

Volume of transactions. AZN

Number of deals

GB - (AR MF) (placement)

67 803 079.68

39

85 499 742.91

40

79.30%

GB - (AR MF) (secondary market)

17 968 727.52

5

13 172 810.52

11

136.41%

Notes (AR CB) - (placement)

234 883 949.58

88

726 919 777.85

181

32.31%

Notes (AR CB) - (secondary market)

43 955 612.02

4

12 486 939.02

8

352.01%

Repo operations

4 021 159 940.18

405

6 427 796 914.56

866

62.56%

CS Market Total

4 385 771 308.98

541

7 265 876 184.86

1 106

60.36%

Abbreviations:
- GB - government bonds,
- GS - government securities,
- CB - corporate bonds

- CSC- corporate securities

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Kazakhstan, Azerbaijan reach agreement on drilling wells with Satti jack-up rig
Only close cooperation can help demilitarize South Caucasus region - Azerbaijani MP
Azerbaijan Caspian Shipping CJSC receives int'l certificate in use of specialized software
FAO outlines strategy for healthy and productive livestock in Europe, Central Asia
Azerbaijan's January 2021 revenues from exports to US increase over fourfold
Registration of new enterprises down in Georgia
We have created new realities, Armenia and other countries must reckon with it - President Aliyev
Azerbaijan's AzerGold, BUZ Consulting ink contract to acquire Microsoft license
Precious metal prices down in Azerbaijan
Azerbaijan's State Employment Agency opens tender on e-platform development
Azerbaijan holds minute of silence to honor Khojaly genocide victims
Turkmenistan's Turkmenhimiya extends tender for turnkey construction of plants
Putin discusses current situation in Karabakh with Russian Security Council members
Azerbaijan records decline in total assets of local banks for Jan.2021
CNPC in Turkmenistan opens tender for purchase of tubing, spare parts
TPP in Uzbekistan announces tender for construction of combined cycle unit
Iran launches telecommunication projects in Isfahan Province
Azerbaijani witnesses to Khojaly genocide recount tragic events - Trend TV (VIDEO)
Turkmenistan conducts exploration, drilling operations at fields in Caspian region
Portugal's 'Original Features' shoots film about Khojaly genocide (VIDEO)
China will extend tariff exemptions for 65 U.S. products
Azerbaijan reports 180 more COVID-19 recoveries
Russian state official stresses need to reveal out causes and culprits of Khojaly tragedy
Uzbekistan to increase number of facilities recording water based on 'smart water’ technology
Uzbekistan’s 2020 volume of foreign direct investments down
Nothing must divert involved sides from main task in Nagorno-Karabakh region - Russian MFA
Kazakhstan reports increase in agriculture yield year-on-year
Iran's export to Spain declines
EU overseeing several projects to reinforce renewable energy use in Georgia
Azerbaijani population honoring memory of victims of Khojaly genocide (PHOTO)
Despite events in Armenia, it's necessary to continue implementation of agreements on Nagorno-Karabakh - Russian official
Azerbaijan jointly with Turkey to improve gaming industry - Game Tech
Pfizer COVID-19 vaccine reduces transmission after one dose
India's April-Jan fiscal deficit hits 66.8% of full-year target
Azerbaijan discloses amount of compensations paid to depositors of closed banks
Turkmenistan, Russia considering co-op in construction, electrification of railways
EBRD reveals info on investments in Azerbaijani projects
Turkey to ask Russia for discount on natural gas imports
European Council President Charles Michel to visit Georgia
Spain lowers import of Azerbaijani crude oil
WB, BSEC and Georgia start consultations on 'blueing the Black Sea'
Azerbaijani ombudsman makes statement on 29th anniversary of Khojaly genocide (VIDEO)
There will be good opportunity for cooperation between our relevant agencies and international companies - President Aliyev
Azerbaijan issues data on 2020 oil export to Greece
France raises imports of Turkish made cars
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