Feb. 10
Azerbaijani Central Bank increases efficiency of monetary reserves management
Monetary reserves of the Azerbaijani Central Bank increased by 21 percent to $14.2 billion during 2013, the Central Bank reported.
In connection with the existence of a large surplus in the country balance of payments today in the currency market the offer exceeds demand. In these conditions, last year, the Azerbaijani Central Bank conducted monetary sterilization in the amount of $2.5 billion in order to prevent the significant strengthening of the currency and neutralization of negative effects on the competitiveness of the non-oil sector.
In conditions of gradual change of centers of economic powers in the world, including keeping low income at developed financial markets, the Central Bank of Azerbaijan has established a new strategy on its instrumental, monetary and geographical diversification in order to increase the efficiency of the monetary reserves management, according to the information.
Azerbaijani president receives VTB Bank chief
Azerbaijani President Ilham Aliyev has received President and Chairman of the Management Board of VTB Bank Andrey Kostin.
Azerbaijani president and Andrey Kostin underlined the importance of links between Azerbaijan`s relevant institutions and VTB Bank in terms of expansion of the two countries' relationship.
Feb. 11
Transport corridors among Turkic-speaking countries to increase
The number of transport corridors among the Turkic-speaking countries will increase, the Secretary General of the Parliamentary Assembly of Turkic Speaking Countries (TurkPA), Jandos Asanov said at the third meeting of the TurkPA Commission on Economic, Trade and Financial Affairs in Baku.
MPs of Azerbaijan, Turkey, Kazakhstan and Kyrgyzstan participated in the meeting.
A report on the role of transport communications in the sphere of economic cooperation was heard at the commission's meeting.
A document was adopted at the end of the commission's meeting recommended for the consideration at the plenary meeting of TurkPA.
Feb. 12
Consultant on second Azerbaijani satellite program determined
The American consulting company "Global Recourses Inc." will start development of the feasibility study (FS) on the project of the second telecommunication satellite of Azerbaijan "Azerspace-2", JSC Azerkosmos said.
The work will start soon after the completion of the procedure considered in the granted agreement, which was signed on August 28, 2013 between "Azerkosmos" and the U.S. Agency on trade and development (USTDA).
Within the feasibility report economic, technical and financial capabilities for construction of the second Azerspace-2 satellite, its start and operation in an orbit.
Preparation of the feasibility report should be completed by June 30, 2014.
The launch into orbit of the second telecommunication satellite of Azerbaijan of "Azerspace-2" is planned for 2017.
Azerbaijani and Serbian governments to consider economic cooperation development
The Azerbaijani and Serbian governments will consider opportunities to develop cooperation in the economic sphere. The negotiations will be held at the next meeting of the intergovernmental commission on trade and economic cooperation, which is scheduled for March 3-5 in Belgrade, Serbian Ambassador to Azerbaijan Zoran Vajovic said.
"We are at the stage of coordinating the agenda of the meeting and draft documents to be signed during the intergovernmental commission," the diplomat said.
The Serbian side is primarily interested in investment projects, the diplomat added.
New plant to provide Azerbaijan with passenger wagons
Swiss company Stadler is preparing to carry out the project of a carriage building plant in Ganja (365 kilometres to the west from Baku), head of the Azerbaijani Railways CJSC press service, Nadir Azmamedov said.
It is expected that the construction of a new plant to be established on the basis of the wagon depot in Ganja, will start during 2014.
A meeting between representatives of CJSC and the Swiss company is expected to be held in the near future, Azmamedov added. The details of the cooperation will be discussed there.
During the meeting, the sides will discuss details of receiving passenger wagons which will be used after the launch of the new Baku-Tbilisi-Kars (BTK) railway, Azmamedov added.
Feb. 13
Energy cooperation between Azerbaijan and Bulgaria to expand
Bulgaria is interested in expanding its cooperation with Azerbaijan in the energy sphere, Bulgarian Energy, Economy and Tourism Minister Dragomir Stoynev said during his meeting with the head of the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev.
The issue of exporting Azerbaijani gas to Europe has created great interest and the Bulgarian government attaches great importance to diversification, according to the Bulgarian minister.
Azerbaijan, Israel to sign an agreement about avoiding double taxation
Azerbaijan and Israel are going to sign an agreement about avoiding double taxation, Director of the Israeli Institute of Export, Ramzi Gabai, said during his visit to Baku.
"We have conducted a meeting with the head of the Azerbaijani Investment Promotion Foundation (AZPROMO), Rufat Mammadov. As a result of that meeting the decision to intensify joint cooperation, for the development of which there is big potential and all necessary conditions was made", he said.
According to him, besides, Azerbaijan and Israel will start work on signing one more agreement in the field of standardization.
Feb. 14
Azerbaijan considers changing tariffs on TV and postal communication services
The Azerbaijani Ministry of Communications and Information Technologies has presented a package of proposals on the usage of new tariffs on universal postal services and services of digital TV to the Tariff Union, the Ministry of Communications and Information Technologies said.
The Azerbaijani Ministry of Communications and Information Technologies noted that they are considering the regulation of tariffs in accordance with the cost of rendered services and international norms.
The ministry has also recommended Internet service providers to reduce the cost of rendered services.
New road bridge commissioned on Azerbaijani-Iranian border
A new road bridge over the River Araz at the Julfa border checkpoint on the Azerbaijani-Iranian border has been commissioned, Iranian Ambassador to Azerbaijan Mohsun Pakayin said.
Trucks over 30 tons will be able to travel across the bridge, the ambassador said.
Feb. 15
Iran, Azerbaijan signed agreement on trucking
Third meeting of joint Commission on international in sphere of transport connections between Iran and Azerbaijan has finished.
After the meeting the sides signed the agreement on resolving problem due to trucking and passenger transportation, Iranian Ambassador to Azerbaijan Mohsen Pak Ayin said.
The sides agreed that if necessary, it can be taken to launch new bus routes between the countries.
Iran offered to increase working hours at Bilasuvar and Astara checkpoints to eliminate traffic jam and reduce waiting time of the trucks at Baku customs. It was offered to reduce waiting time of the trucks in Baku. The decision will be made by Azerbaijan.