Weekly economic review (March 12-16)

Azerbaijan's Private Credit Bureau completes collection of data on borrowers

The first private credit bureau in Azerbaijan has completed the process of signing bilateral agreements with the country's banks and non-banking credit organizations (NBCO), the bureau said on Monday.

These agreements cover the rules of transfer of credit history to the bureau and its further use. Thus, the bureau started information exchange with credit organizations since March 6.

Along with credit organizations, bilateral agreements on cooperation were also signed with 21 insurance and one reinsurance company operating in Azerbaijan.

In the near future, these companies will also be able to use the services of the bureau.

Last December, Azerbaijani banking market participants made a decision to create Azerbaijan Credit Bureau LLC. Chairman of the Board of the International Bank of Azerbaijan Khalid Ahadov was elected Chairman of the Supervisory Board of the Azerbaijan Credit Bureau.

The founders of the Azerbaijan Credit Bureau LLC are the International Bank of Azerbaijan, Bank Respublika, Xalq Bank, Kapital Bank, PASHA Bank, Rabitabank, Unibank and Ziraat Bank Azerbaijan.

The private credit bureau will contain more information than the Centralized Credit Registry and cover a bigger number of borrowers. The bureau will receive information not only from banks, but also from insurance and leasing companies, mobile communication operators, etc.

Azerbaijan's Export Support Center develops new financial services for entrepreneurs

The Export Support Center "Single Window" operating under the Azerbaijani Center for Analysis of Economic Reforms and Communications is working on introduction of new financial services for entrepreneurs, Manager of the "Single Window" Center Nijat Hajizade told Trend and Azernews.

"Among the planned innovations that will be implemented jointly with commercial banks, I can name the possibility of paying export and other fees in electronic form, as well as provision of services of factoring and issuing letters of credit," he said.

Banks will also issue export credits to entrepreneurs through the intermediation of the center, according to Hajizade.

The Export Support Center "Single Window", established on Feb.23, 2017, provides support to entrepreneurs in obtaining various state certificates, permits and other documents: veterinary and phytosanitary certificates, certificates of origin, quality, permission to export species of wild fauna and flora on the verge extinction, evidence of the protection of cultural property and permission to export religious literature.

The center also supports entrepreneurs in obtaining international certificates, export permits, and assists in financial and customs issues, as well as in transport and logistics.

Azerbaijan's gov't to study cryptocurrency regulation proposals

The Azerbaijani Internet Forum (AIF) will prepare proposals on the regulation of the cryptocurrency market and the use of blockchain technology, AIF Chairman Osman Gunduz told Trend March 6.

Gunduz said that a round table will be organized in the coming week with the participation of industry specialists from the public and private sectors, who will hold presentations.

"Relevant proposals will be prepared, based on the results of the round table, regarding the regulation of the cryptocurrency market and the effective use of blockchain technology, and will be submitted to the government," he added.

The round table will be organized jointly with the Blockchain consulting company in Azerbaijan - Cryptoacademy.az and the Portmanat payment system.

Baku talks registering companies in Azerbaijan’s free economic zone

Registration of companies willing to operate in the free economic zone (FEZ), which is being established in Azerbaijan, will start after the relevant law is adopted by the Azerbaijani Parliament, Taleh Ziyadov, head of Baku International Sea Trade Port CJSC, told reporters in Baku March 16.

He reminded that the draft law on the FEZ, which is being created in the Alyat settlement in Baku, successfully passed two readings in the Azerbaijani Parliament.

"The registration of companies will start after the draft law passes the third reading," Ziyadov said. "I think that the registration process will begin before the end of this year."

Development Bank of Kazakhstan looking to expand co-op with Turkish businessmen
Development Bank of Kazakhstan looking to expand co-op with Turkish businessmen
Main reasons for drop in Kazakhstan's foreign reserves unveiled
Main reasons for drop in Kazakhstan's foreign reserves unveiled
Kazakhstan acquainted with global trends in attracting investments
Kazakhstan acquainted with global trends in attracting investments
Loading Bars
Turkey registers more than 52 600 new coronavirus cases
China-Brunei trade grows by over 70 pct in 2020
Argentina's economy minister heads to Europe to woo finance officials over debts
US boosts imports of Turkish-made clothes
Turkey sends off 2nd boron export train to China
First kidney transplant performed in Turkmenistan
Bahar Azadi gold coin price continues to fall in Iran
Iran unveils data of gasoline and petrochemicals exports
New transmission line to provide opportunities for both Georgia’s and EU energy network - expert
Weekly review of key events in Azerbaijan's transport sector
China fines Alibaba record $2.75 billion for anti-monopoly violations
Italy reports 344 coronavirus deaths on Saturday, 17,567 new cases
Azercell’s “Kabinetim” mobile app exceeded 1 million downloads
Pakistani FM to visit Tehran
Funeral for UK's Prince Philip to be held on April 17
Pinterest becomes latest platform to appoint Turkey representative
Italy's economy seen growing 4.1% this year
Volume of cargo loaded, unloaded in Iran’s Bandar Lengeh port announced
Turkmenistan’s growth of trade turnover in 1Q2021 announced
Turkish electrical goods' 1Q2021 export to Uzbekistan spikes
Azerbaijani president's assistant talks Turkic Council media co-op's systematization
Hungary considers Turkic Council member states important partners
Iran's Energy Exchange announces products to be on sale on April 11
Uzbekistan ready to actively partake in restoring Azerbaijan's liberated territories
Azerbaijan confirms 2,192 more COVID-19 cases, 1,554 recoveries
Turkey did its best in media coverage of Azerbaijan's Patriotic war - presidential administration
Azerbaijani president's assistant meets with Turkic Council's secretary-general
Briefing of Turkic Council's high-ranking media officials held in Baku (VIDEO)
Anti-Turkic campaigns periodically carried out - Azerbaijani president's assistant
Azerbaijan's victory in Second Karabakh War is victory for entire Turkic world - top official
Azerbaijan working to develop ties between Turkic states - president's assistant
Turkic Council developing roadmap for better co-op with Turkic-speaking countries
Turkic-speaking countries to continue to support Azerbaijan - Turkic Council
Armenia's refusal to provide maps of mines on Azerbaijan's lands is concerning - ambassador
Turkic Council's meeting held in Baku (PHOTO)
Iran reveals COVID-19 data for April 10
Kazakh, Uzbek PMs launch construction of new 'Central Asia' int'l co-op center
Turkish Ambassador: I've never separated Azerbaijan and Turkey, both are homeland to me
Buta Airways to Start Operating Flights to Zhukovsky Airport
Turkey's support for Azerbaijan in Karabakh war will always be in our memory - President Aliyev
Azerbaijan's MoD organizes visit for foreign military attaches to Air Force military unit
Turkish-Azerbaijani fraternal relations are at highest level today - President Aliyev
Iran's exports via Jolfa border checkpoint increase
Georgia reports 506 new coronavirus cases for April 10
SOCAR's capex to moderate due to SGC, STAR refinery’s commissioning
Certain licenses issued to setting up enterprises in Iran's Markazi Province
Turkey unveils 2M2021 data on freight, passenger traffic through Ankara Esenboga Airport
Azerbaijani oil prices up
Fitch Affirms SOCAR at 'BB+'
Turkmenistan's state budget revenues surpass initial forecast
Georgian TBC Leasing's secured debt rating equalizes with its Long-Term IDR
Azerbaijani president awards former Turkish ambassador with 'Dostlug' order
President Ilham Aliyev receives Turkish Ambassador to Azerbaijan Erkan Ozoral (PHOTO)
Turkmenistan's GDP grows in 1Q2021
Weekly review of Azerbaijani currency market
Iranian currency rates for April 10
Azerbaijan has favorable investment climate - Turkish MUSIAD
Azerbaijani Mine Action Agency continues to clear Gubadly, Zangilan, Jabrayil from mines
India reports a record 145,384 COVID-19 infections
Armenia set up booby traps on Azerbaijan's de-occupied lands - Mine Action Agency
Azerbaijan's rhythmic gymnasts 2-nd in online tournament organized by Finnish Gymnastics Federation
Azerbaijani gymnastics team captures silver in Egypt (PHOTO)
China's top market regulator imposes penalty on Alibaba Group over monopoly conduct
Iran's Isfahan producing 2,100 tons of medicinal herbs
Japanese entrepreneurs intend to increase imports of Kyrgyz honey
Austrian companies eye contribution to Georgian ports' expansion - ministry
Turkey reports 55,791 new COVID-19 cases
Germany to amend law for nationwide COVID-19 response
World Bank says Azerbaijan's consumer market to grow till 2023
Janssen's COVID-19 vaccine under EU review over blood clots
Number of COVID-2019 cases across globe up by over 718,000 in past day, says WHO
Poland's COVID-19 cases top 2.5 mln
Georgian-Lithuanian co-op facilitates freight transport between China, Europe - Ministry
US accelerator to provide Azerbaijani startup project with big investments
Eurowings to start flights from Dusseldorf to Georgia
NASA's Mars helicopter to attempt first flight
Health Minister hails vaccination in driving down COVID-19 severity in Turkey
Saudi-led coalition intercepts bomb-laden drone towards border city
Azerbaijani president expresses condolences to PM of UK
UN interested in intensifying ties with Azerbaijan - President of General Assembly
Azerbaijani FM, Sec-Gen of Turkic Council discuss issues of mutual interest (PHOTO)
"Georgia Capital" investment company to sell part of its business
Iran's only option on negotiation table - US lifting sanction - Iran’s ambassador to IAEA
Turkmen Helath Ministry opens tender for purchase of medical supplies
South Korean PM to visit Iran for Seoul-Tehran Cooperation
Speaker of Azerbaijani parliament meets with president of 75th session of UN General Assembly (PHOTO)
Azerbaijani president expresses condolences to Queen Elizabeth II
Azerbaijan clearing territory for new settlement of mines in Zangilan district
Azerbaijan aims developing use of wind energy
Russian, Turkish presidents call for restoration of transport infrastructure of South Caucasus
Azerbaijan actively participates in implementation of int’l projects within BTK and North-South corridors
State Oil Company of Azerbaijan digitizes information on oil and gas wells in corporate database
Azerbaijani, Turkish armies Joint Operational-Tactical Exercises end (PHOTO/VIDEO)
International Bank of Azerbaijan opens tender to buy network equipment
Russia always ready for settlement option supported by sides of Karabakh conflict - Foreign Ministry
State Oil Company of Azerbaijan hosts opening ceremony of Visualization Center (PHOTO)
Embassy of India organizes Interactive Webinar to promote Indian spices (PHOTO)
Bank Melli Iran’s branch in Azerbaijan completes Q1 2021 with profit
Uzbekistan receives status of GSP+ system's beneficiary
Turkmenistan's Turkmenhimiya SC opens tender for ammonium nitrate purchase
All news