Last week review (Jan. 25-29)

Jan. 26

Two commercial banks to merge in Azerbaijan

Azerbaijani AGBank and DemirBank signed a protocol of intent about merging, AGBank said.

"This is still an intention, that is, two legal entities signed a protocol of intent about merging, their further actions that must lead to the merger and establishing a strong bank," the bank said.

Two more banks' licenses revoked in Azerbaijan

The Central Bank of Azerbaijan (CBA) has revoked the licenses of United Credit Bank and NBC Bank. The decision was taken because the total capital of the two banks didn't correspond to the CBA minimum requirement. The banks couldn't fulfill their obligations to creditors and didn't manage their current activity reliably and prudentially.

Temporary administrators were appointed at both banks.

Under the country's laws, the Azerbaijan Deposit Insurance Fund will pay the compensation to these banks' clients for insured deposits.

Azerbaijan Central Bank offers to launch collective lending system

Azerbaijan's Central Bank (CBA) offers to introduce a collective lending system, said Elman Rustamov, the CBA chairman. In case of introduction of a collective lending system, accountability will rise and the control over the proper spending will be strengthened.

Rustamov further emphasized the need for creation of a mechanism to insure the main types of agriculture products.

"If the price of the products in the United States, for example for grain falls below its prime cost, the state buys it. A similar mechanism has to be worked out [in Azerbaijan]," he said.

Jan. 27

Nationwide employment plan being developed in Azerbaijan

Azerbaijan will prepare a concept of employment covering 2016-2025, said Minister for Labour and Social Protection of Population Salim Muslimov. The Ministry for Labour and Social Protection of Population held the first meeting of a working group, which would prepare the draft of the concept.

Representatives from the Ministry of Economy, Ministry of Culture and Tourism, Ministry of Youth and Sports, Taxes Ministry, Ministry of Labor and Social Protection of Population, the State Statistics Committee, the Council of State Support to NGOs, the Trade Unions Confederation, the World Bank, the UN Population Fund and the International Labour Organization attended the meeting.

Azerbaijani president receives heads of German and Bulgarian statistical bodies

President of the Republic of Azerbaijan Ilham Aliyev received president of the Federal Statistical Office of Germany Dieter Sarreither and president of the National Statistical Institute of Bulgaria Sergey Tsvetarsky.

The president stressed the importance of the conference launching the second phase of the twinning project "Support to the State Statistical Committee in Modernisation of the National Statistics System of the Republic of Azerbaijan in line with European standards".

Two more banks' licenses revoked in Azerbaijan

The licenses of Atra Bank and the Caucasus Development Bank were revoked upon a decision of the Central Bank of Azerbaijan (CBA). The decision was taken because the total capital of the two banks didn't correspond to the CBA minimum requirement and that those banks couldn't fulfill their obligations to creditors and didn't manage their current activity reliably and prudentially. Temporary administrator was appointed at both banks.

Under the country's laws, the Azerbaijan Deposit Insurance Fund will pay the compensation to these banks' clients for insured deposits.

Jan. 28

Azerbaijani president receives ECO Secretary General

President of the Republic of Azerbaijan Ilham Aliyev received the Secretary General of the Economic Cooperation Organisation (ECO) Halil Ibrahim Akca.

The sides exchanged views over the prospects for cooperation between Azerbaijan and ECO.

Documents approved on TANAP for 2016

Azerbaijani state Oil Company SOCAR President Rovnag Abdullayev participated in a meeting of the management board of the consortium of Trans-Anatolian Natural Gas Pipeline (TANAP), during a visit to Turkey.

The meeting participants exchanged opinions on the upcoming work in 2016 as part of the project. The meeting also approved necessary documents on the TANAP project for 2016.

During the visit, Abdullayev also met with the Minister of Energy and Natural Resources of Turkey Berat Albayrak.

Azerbaijan, EBRD discussing support for private sector

Delegation of the European Bank for Reconstruction and Development (EBRD) arrived in Baku to discuss the package of support to the private sector of Azerbaijan, head of the EBRD local office Neal McCain said.

Jan. 30

Azerbaijan, IMF talk global energy market's impact on country's economy

The ministry of economy of Azerbaijan and the International Monetary Fund (IMF) discussed measures to minimize negative impact of instability in global energy markets on the country's economy. Expansion of cooperation, priorities in Azerbaijan's economy, etc. were also discussed during the meeting of the head of the ministry Shahin Mustafayev with the IMF delegation.

A meeting of the IMF delegation with Executive Director of the State Oil Fund of Azerbaijan Shahmar Movsumov also took place. In light of recent events, it was stated in the first place that the IMF and Azerbaijan weren't in talks to attract emergency aid package from international financial institutions. It was stressed that the country had sufficient foreign exchange reserves and the macroeconomic situation in the country was stable and sustainable.

Subscribe to Trend in Google News! Subscribe
Iran supports development of constructive relations with Azerbaijan - FM
Iran supports development of constructive relations with Azerbaijan - FM
Iran, Pakistan call for closer ties, vow to help Afghanistan
Iran, Pakistan call for closer ties, vow to help Afghanistan
Relations between Iran and Azerbaijan to continue based on mutual respect - Iranian FM
Relations between Iran and Azerbaijan to continue based on mutual respect - Iranian FM
Loading Bars
Latest
Moderna COVID shot could be used in U.S. children, teens within weeks
London launches Europe's biggest scheme to drive polluting vehicles off roads
14th batch of Sputnik V vaccines delivered to Iran Embassy in Moscow
Tariffs for renewable energy drop in Kazakhstan
GD leaders address supporters, promise Georgia's development
Opening of Fuzuli Int'l Airport landmark event for Azerbaijan and dev't of region- Russian expert
Japanese Noritsuisu Co. Ltd preparing to launch new project in Uzbekistan
Kazakhstan’s mining company opens tender on spare parts for truck
Uzbekistan to build its first digital control system substation
Turkey unveils its economy sectors attracting foreign investors
Azerbaijan reveals TOP-10 banks in terms of income for 3Q2021
Azerbaijan’s TOP-10 banks in expenditures terms for 3Q2021 revealed
TBC Bank to financially support Georgian farmers
Kazakhstan draws up national project for energy complex dev’t by 2025
Kazakhstan discloses deterioration degree of local power grids
Cairo-Moscow flight returns to airport due to suspicious message in cabin
Norwegian Air to lease 13 Boeing planes
McDonald's sales soar on higher prices, newer menu items
Iran supports development of constructive relations with Azerbaijan - FM
Iran’s PMO declares volume of essential products available in ports
TOP-10 Azerbaijani banks in terms of net profit for 3Q2021
Azerbaijan inks new deals with several states on investment in its Alat FEZ - ministry
Kazakhstan increases mobile internet speed in September
IMIDRO reveals data on iron ore concentrate production in Iran
Renaissance Capital forecasts inflation in Georgia to slow down
Azerbaijan talks possible vaccination of adolescents prone to catching COVID-19
Kazakhstan considering introducing carbon tax
India, Kyrgyzstan hold first strategic dialogue, discuss Afghanistan
Uzbekistan Railways modernizing railway carriages to increase passenger traffic
Japanese TEPCO plans to continue investment in Georgia's energy sector
Iran’s Bahar Azadi gold coin price rebounds
Iran`s TEDPIX on the rise after week of decline
Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds
OPEC ready to strengthen co-op with Turkmenistan
Kazakh Energy Ministry working on building nuclear power plant
Uzbek Ministry of Finance to cancel fees for purchase of used cars in 2022
Indian Railways changes policy, PSUs to now compete in open market for tenders
Turkey's leather exports to Iran up in value for 9M2021
Azerbaijan confirms 2,300 more COVID-19 cases, 1,248 recoveries
Azerbaijan shares data on number of vaccinated citizens
Georgia and Spain eye to launch direct flights between capitals
Azerbaijan, WB ink new loan agreement
Iron ore concentrate production by giant Iranian companies up
Turkmenistan starts experimental growth of papaya in Mary region
IMF revising India's growth forecast is 'gross under estimation': N K Singh
Turkish KOSGEB talks interest in implementing projects in Azerbaijan's Karabakh
Decarbonization of economy to transform Kazakhstan’s fuel and energy complex – minister
Kazakhstan's trade indicators with EAEU member states for 8M2021 unveiled
Kazakhstan records decrease in renewable energy tariffs
Bank Keshavarzi Iran provides loans for construction of greenhouses
State Grain Fund of Azerbaijan transferred to jurisdiction of State Reserves Agency
Azerbaijani President Ilham Aliyev congratulates President of Czech Republic
Iran resumes rice imports
Israel government foreign currency bonds to trade on Tel Aviv bourse
Putin, Finnish president to discuss bilateral cooperation, global issues — Kremlin
Uber partners with Hertz to offer 50,000 Tesla rentals to U.S. ride-hail drivers
Turkmenistan and Iran to expand trade ties
Equinor slightly reduces equity production of liquids and gas
Nar upgrades another sale and service center (PHOTO)
Achieving carbon neutrality in Kazakhstan requires big investments - minister
Amount of loans issued by Bank Keshavarzi Iran increasing
Azerbaijan’s liberated lands to soon become example of modern production for entire region – Erdogan
Iran reveals COVID-19 data for October 27
Equinor expects 2% increase in 2021 liquids and gas production
Iran, Uzbekistan seek to boost ties both regionally and internationally
Iran`s Raisi reaffirms will to boost ties with Turkmenistan
AIIB helps strengthen healthcare infrastructure in India
Turkmenistan, Iran discuss issues on boosting transport communication
Turkmenistan, Iran interested in intensifying contacts in regional, int’l structures
Kazakhstan, Kyrgyzstan consider resumption of passenger rail transport
Amount of addressed state social benefits proposed to raise in Azerbaijan
Iran determined to pay off gas debt to Turkmenistan – Iranian minister
2nd ICD – CIBAFI Webinar Discussed the Emergence of Cryptocurrencies and its Potential for the Growth of Islamic Finance Industry
Georgia, Poland to co-op in railway sector under EU-funded project
Kazakh gold extracting venture opens tender to buy spares
Equinor’s non-current assets drop in Azerbaijan
Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh
Central Bank of Iran unveils details of oil exports
Reps of Turkish National Defense University visit Azerbaijani military educational institutions (PHOTO)
Azerbaijan may increase need criterion next year
India among top 10 in the world for cliate technology investments: report
Turkmenistan launches production of filament lamps
Azerbaijan to increase budget financing of healthсare sector in 2022
Turkmenbashi complex of oil refineries open tender for construction of hydrogen production unit
Equinor reduces liquids output from Azeri-Chirag-Gunashli
Activity of most filling stations in Iran resumed
Turkmenistan increases imports of Turkish leather goods
Turkey discloses cargo traffic via local ports from US in 9M2021
Iran shares data on electricity generation of Manjil Wind Power Plant
Turkey-Azerbaijan trade turnover for 9M2021 revealed
SOCAR announces planned works at Baku Oil Refinery
Kazakhstan slightly increases raw sulfur production volumes
BSTDB reveals portfolio of signed operations in Azerbaijan (Exclusive)
Turkey announces growth in foreign trade turnover
Georgian bureaucratic expenditures need to be cut - IDFI
Saudi Energy Minister says carbon offsets can help with emissions goal
Azerbaijan plans to increase living wage
Businessmen in Karabakh to be exempt from certain taxes, fees - ministry (PHOTO)
TAP deploying new solutions to ensure efficient and secure operations
Azerbaijan's state budget spending on science to grow in 2022
All news