...

Last week review (June 12-16)

Analysis Materials 19 June 2017 13:52 (UTC +04:00)

June 13

BSTDB interested in issuing manat loans to Azerbaijan

The Black Sea Trade and Development Bank (BSTDB) is interested in funding projects in Azerbaijan in manats, BSTDB President Ihsan Ugur Delikanli said. He was addressing an event dedicated to presentation of BSTDB opportunities for the business and banking community of Azerbaijan. Such funding can be implemented through the issuance of manat bonds by the bank, according to Delikanli. He also noted that BSTDB offers medium- and short-term project funding, corporate loans, participation in companies’ capital and various guarantees.

“Our main proposals are aimed at supporting the development of non-oil sector of Azerbaijan. In addition, we intend to support small and medium enterprises in the country through cooperation with local banks. It is a priority for us,” Delikanli said.

June 14

CIS customs services adopt single risk management procedure

Heads of customs services of the CIS member countries have approved the standard procedure for applying the risk management system in the activities of the customs services.

The document was approved within the 65th meeting of the Council of Heads of Customs Services of the CIS member countries held in Baku.

In addition, a number of amendments to the agreements on cooperation and mutual assistance in customs issues, on the procedure of customs clearance and customs control of goods among the CIS member countries, and on the procedure of transit through the territories of the CIS member countries were considered and approved within the meeting.

Heads and representatives of the customs services of Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan and Uzbekistan took part in the meeting.

Azerbaijan, Georgia mull possibility of joint export to other countries

Azerbaijan and Georgia discussed the possibility of joint exports to other countries, the Azerbaijani Ministry of Economy said.

The possibility of joint supplies was discussed at a meeting between Azerbaijani Minister of Economy Shahin Mustafayev and Georgian Minister of Economy and Sustainable Development Giorgi Gakharia in Baku.

The ministers also discussed jointly presenting the transit opportunities of Azerbaijan and Georgia in China, the expansion of trade, the development of ties in agriculture, ICT, tourism, the use of capabilities of the Azerbaijani satellite, holding a tripartite forum in Ganja in the Azerbaijan-Georgia-Iran format and other issues.

Azerbaijan, several CIS countries sign customs co-op agreements

Azerbaijan has signed a number of bilateral agreements on customs cooperation with the CIS countries. The signing ceremony was held in Baku as part of the 65th meeting of the heads of the customs bodies of the CIS countries. The Azerbaijani State Customs Committee signed agreements with customs bodies of Russia and Kyrgyzstan.

Azerbaijan to build 4 transshipment terminals in Iran

Saeed Mohammadzadeh, president of the Islamic Republic of Iran Railways, and Javid Gurbanov, head of Azerbaijan Railways CJSC, during their meeting in Tehran have signed an agreement within the framework of the “Construction and operation of [Iranian] Astara loading and unloading terminal” project.

The agreement provides for the construction of a 1.4-km long railway line and four terminals with high transshipment capacities on the Iranian territory with the support of Azerbaijan Railways CJSC. In accordance with the document, Azerbaijan Railways CJSC will rent the above-mentioned railway line for a period of 15 years, and terminals - for 25 years.

June 15

Ilham Aliyev receives CEO of John Deere company

President of Azerbaijan Ilham Aliyev has received Samuel Allen, chairman and chief executive officer (CEO) of the John Deere company. President Ilham Aliyev pointed out fruitful cooperation between Azerbaijan and John Deere, which spans more than 10 years, saying the country is interested in expanding this cooperation. The president said there is a large market for agricultural machinery in Azerbaijan, including John Deere products.

Samuel Allen said he has met with Azerbaijan`s key users of agricultural machinery, hailing big interest in ongoing and future agricultural projects in the country.

June 16

Ilham Aliyev hails Azerbaijan’s readiness to make efforts to expand ties with EU

President of the Republic of Azerbaijan Ilham Aliyev has received a delegation led by EU Commissioner for the European Neighborhood Policy and Enlargement Negotiations Johannes Hahn. President Ilham Aliyev hailed Azerbaijan's readiness to make efforts to expand the bilateral ties. They discussed the simplification of visa regime between Azerbaijan and the European Union, as well as the state of cooperation in the fields of energy and transportation, and hailed good prospects in these areas.

Azerbaijan tightening control over storage of banks’ required reserves

Foreign currency deposits related to the required reserves of Azerbaijani banks should be stored on the foreign exchange correspondent accounts of the Central Bank of Azerbaijan (CBA). This is required under the amendments to the “Procedure of Determining the Norm, Calculation and Placement of Required Reserves”, approved by the decision of the CBA Board May 30, 2017. According to the amendments, deposits in Azerbaijan’s national currency and precious metals, included in the settlement base of banks’ required reserves, should be stored on the Azerbaijani manat correspondent accounts of the CBA, while deposits in foreign currency (related to required reserves) should be stored on any foreign exchange correspondent account of the CBA.

This change will come into force August 1.

Azerbaijan an important transit center in Eurasia: CIIS

Azerbaijan has become an important transit center in Eurasia, Xu Jian, vice president of the China Institute of International Studies, said at an international conference in Baku.

Xu Jian also said China is willing to support Azerbaijan in its efforts to diversify the economy. He added that China is ready to offer Azerbaijan both investments, and its technologies and innovations.

Tags:
Latest

Latest