Last week review (Dec. 21-24)

Dec. 21

Azerbaijan switches to floating manat rate

The Central Bank of Azerbaijan switched to the floating rate of manat.

The decision has been made taking into account the strengthening of long-term shocks in foreign economy in order to equilibrate the balance of payments, keep the foreign exchange reserves in the country at critical level and ensure the competitiveness of national economy on the international arena, said the message from the bank.

Thus, the exchange rate of manat will be formed in accordance with the fundamental factors determining the supply and demand situation on the currency market, according to the decision.

The Central Bank will participate on the currency market (intervention) accordingly.

Meanwhile, the regulator will take complex measures to ensure the security of the population's deposits and other deposits, improve the deposit insurance system, enhance the financial sustainability, liquidity position and capital of banks.

Dec. 22

Azerbaijan, Afghanistan sign several documents

A ceremony of signing Azerbaijani-Afghan documents was held with participation of Azerbaijan's President Ilham Aliyev and his Afghan counterpart Mohammad Ashraf Ghani.

Azerbaijani Ministry of Labor and Social Protection of Population and Afghanistan's Ministry of of Labor, Social Affairs, Martyrs and Disabled signed a memorandum of understanding "On cooperation in the sphere of labor, social protection and employment".

The sides also signed an agreement "On cooperation between Azerbaijan Television and Radio Broadcasting Closed Joint-Stock Company and the National Radio Television of Afghanistan".

Iran, Azerbaijan sign document for cooperation in various areas

Iran and Azerbaijan signed the final document of the 10th joint economic cooperation commission meeting in Tehran. The final memorandum of understanding covers cooperation in 12 various sectors including oil, gas, industry, trade, healthcare, culture, transportation and renewable energies, the Iranian state TV channel IRINN reported.

The document was inked by Iran's Minister of Communications and Information Technology Mahmoud Vaezi and Azerbaijan's Minister of Economic Development Shahin Mustafayev, who is on a visit in the Islamic Republic.

Azerbaijani, Iranian companies sign memorandum of understanding

Azerbaijani Akkord Industry Construction Investment Corporation has signed a memorandum of understanding with Iran's Abad Rahan Pars İnternational company.

The memorandum was signed as part of the Azerbaijani-Iranian Business Forum in Tehran, organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the Chamber of Commerce, Industry, Mines and Agriculture of Iran.

Along with officials, over 350 entrepreneurs of the two countries, representing industry, agriculture, construction, food industry, finance, consulting, tourism and others, attended the business forum.

Dec. 23

Azerbaijan, Iran, Georgia to co-op in railway sphere

Azerbaijan, Iran and Georgia have signed a protocol on trilateral cooperation in the railway sphere. The document was signed during trilateral meeting between head of Azerbaijan Railways CJSC Javid Gurbanov, managing director of Iranian Railways Mohsen Pour Seyed Aghaei and director general of Georgia Railway Mamuka Bakhtadze in Tabriz, Iran. During the meeting, the sides discussed the prospects for increasing the transit potential of the three countries by transporting transit cargo to the Persian Gulf region through Georgia and Azerbaijan.

Dec. 25

Azerbaijani president attends opening of several electrical substations in Khazar district

President of the Republic of Azerbaijan Ilham Aliyev attended the opening of 220-kV "Buzovna-2" substation, 35-kV "Sarigaya", "Fatmayi", "Mahammadi" electrical substations, as well as substations No 221, 219, 86 and 87 in Khazar district.

Azerbaijani Central Bank introduces primary set of requirements to banks

The Central Bank of Azerbaijan has introduced a primary set of requirements to banks in order to regulate their activities in connection with the devaluation of the manat, head of the Azerbaijan Banks Association Zakir Nuriyev said. The requirements were introduced at a meeting with the management of commercial banks of the country organized by the Azerbaijani Central Bank and the Azerbaijan Banks Association.

"The set includes requirements for banks on capital adequacy [new requirements are expected to enter into force, in particular the rate is expected to be reduced from 12 percent to 10 percent]," he said. "The rules of banks' action after the second devaluation in the country were also discussed."

Dec. 26

Gazprom, SOCAR discuss increase of Russian gas supply to Azerbaijan

Gazprom (Russian Global Energy Company) and SOCAR (State Oil Company of Azerbaijan Republic) are considering the possibility of increasing the Russian gas supply considering the growth prospective in consumption of natural gas in Azerbaijan, said the message of the Russian gas holding.

The message said that this issue was discussed by the chairman of Gazprom PJSC Alexei Miller and SOCAR president Rovnag Abdullayev during a meeting in Russia's St. Petersburg.

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United Arab Bank turns around with Dh10.2 million net profit
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