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Regional Finance: May 2019 (2)

22 September 2019
120 AZN 70 USD 60 EUR

Summary of main events



Azerbaijan’s State Customs Committee refutes allegations of artificial price inflation
Investments in Azerbaijan's fixed capital down in 1Q2019
Salaries rising in Azerbaijan
Concessional lending for entrepreneurship in Azerbaijan reaches 2.3B manat
Azerbaijan invites Czech companies to set up joint ventures in agriculture & energy
Azerbaijan's GDP grows by 2.1%
Economic reforms contribute to dev't of favorable business environment in Azerbaijan
Public councils to coordinate process of business entering labor market in Azerbaijan
Azerbaijani agency to speed up provision of services to entrepreneurs
Azerbaijani MPs propose to change law on inspections in field of entrepreneurship
ADB will continue to support Azerbaijan in diversifying economy
Azerbaijani Finance Ministry seeks to improve public debt management
Azerbaijan, ADB consider several projects
Samir Sharifov: Azerbaijan reduces external debt in GDP by 17%
Devaluation of USD against AZN expected
Assets of Azerbaijan Investment Company increase
Moody's: Azerbaijan's GDP will continue to grow
INTOSAI meeting on public debt kicks off in Azerbaijan
Azerbaijani Chamber of Accounts to be provided with information on commercial, tax secrets
Azerbaijan, UK mull opportunities for co-op in SME sector
Domestic debt makes 8% of Azerbaijan’s total debt
Deloitte Azerbaijan introduces fourth edition of Business Outlook in Azerbaijan
Model Charter of social security centers approved in Azerbaijan
EBRD forecasts GDP growth in Azerbaijan
IFC supports development of private sector in Azerbaijan


506,000 citizens in Azerbaijan receive problem loans compensation
Good news for AtaBank card owners
Opening bank account online in Azerbaijan to become possible soon
Visa to launch tokenization system in Azerbaijan
Turnover of Azerbaijan’s national payment system greatly increases
Access to financial services to be significantly simplified in Azerbaijan
Azerbaijan discloses amount of loans issued by banks in 1Q2019
Visa: Azerbaijan exemplary in effective implementation of payment solutions
Zakir Nuriyev: Azerbaijan assumes role of main banking & financial center in region
Azerbaijan should expand implementation of financial technologies
Azerbaijan Mortgage and Credit Guarantee Fund’s assets up
Azerbaijan to expand use of financial technologies
Central Bank talks on implementation of financial technologies in Azerbaijan
Azerbaijani Finance Ministry discloses amount of compensation on problem loans
CBA: No prerequisites for changing rate of Azerbaijani manat
S. Korea ready to share experience with Azerbaijan in solving issues of problem loans
Azerbaijani banks need to increase capitalization to deal with problem assets
How much funds Azerbaijan allocates for compensation payment on problem loans?
Value of expected syndicated loans from Azerbaijan’s Pasha Bank revealed
Kapital Bank’s employees sign significant agreement
Azerbaijan’s Pasha Bank discloses amount allocated for compensations on problem loans
Azerbaijani ministry talks implementation of plan to eliminate problem loans
Azerbaijan’s Pasha Bank eyes to switch to digital banking by early 2021
Over 40% of Azerbaijani Pasha Bank’s loan portfolio accounts for trade & services
Pasha Bank may expand its activities abroad
Azerbaijan’s Pasha Bank expects asset growth by year-end
Int’l Bank of Azerbaijan leads TOP-4 banks
Azerbaijan Banks Association offers to create e-auction system for collateral property sale
Azerbaijani Pasha Bank’s subsidiaries improve financial performance
“Made in Azerbaijan-4” project supported by Kapital Bank completed
Moody's: number of factors hinder improvement of bank ratings in CIS
VISA: introduction of financial technologies a promising direction for Azerbaijan
Azerbaijani Central Bank, MasterCard sign memorandum of understanding on digital payments
VISA: Azerbaijan is priority market for introducing innovations
VISA: introduction of financial technologies a promising direction for Azerbaijan
Azerbaijan’s financial regulator increases assets by more than 45%
Fitch Ratings improves outlook for International Bank of Azerbaijan
Fitch Ratings affirms IDR of Azerbaijan's Expressbank at 'B' with Stable Outlook
Azerbaijan National Depository Center signs agreement with banks
Azerbaijani population’s deposit insurance system should be changed
Conditions to be created for using Russian Mir payment cards in Azerbaijan
VTB Bank Azerbaijan interested in selling syndicated loans
Bank VTB (Azerbaijan) reveals value of compensation payments for problem loans
Bank VTB (Azerbaijan) intends to increase its loan portfolio
AtaBank's Visa Signature card presents premium benefits
Russia’s Gazprombank, International Bank of Azerbaijan sign co-op agreement
Capitalization of Azerbaijan’s banking sector up by more than 14%
VISA: Azerbaijan is priority market for introducing innovations


Fees of Azerbaijani insurance company up by almost 27%
Azerbaijani Compulsory Insurance Bureau lifts restrictions on AzerInsurance
Azerbaijani Financial Market Supervisory Authority reveals new agricultural insurance mechanism
Azerbaijani insurance company increases premiums
New type of insurance may appear in Azerbaijan
Azerbaijani insurance company increases fees
Azerbaijani population’s deposit insurance system should be changed
Details of Iran, Azerbaijan insurance deal revealed
Compulsory Insurance Bureau of Azerbaijan imposes restrictions on AzerInsurance
AzerInsurance to restore license on one of its services



Economist on why dividing İran's Ministry of Industry, Mine and Trade is bad idea
Finance minister discloses amount of currency returned to Iran as a result of export
Iran's Trade Promotion Organization voices barter option with European companies
Inflation rate up in Iran
Iran looks to further develop Anzali Free Trade Zone
Iran discloses volume of products produced in Persian Gulf Special Economic Zone
Export of products from Iran's Arvand Free Zone to Iraq up by 30%
Iranian economist: experts' recommendations to be taken into account
15,000 jobs to be created in Iran's Pars Special Economic Energy Zone
Iran's government to assign its share in 18 companies to private sector
Iran’s private sector invests €30M in Anjerd copper mine

Banks & insurance

Iran eyes to expand co-op with Austria in trade and banking
Export Guarantee Fund: Iran will fill gap with regards to letter of credit
Finance minister discloses amount of currency returned to Iran as a result of export
Iran's Mahan Air receives nearly $100M from Central Bank
Iran will find new ways for foreign currency payments, says official
Details of Iran, Azerbaijan insurance deal revealed
Central Bank of Iran to open foreign currency profile for each citizen
Foreign currency rate falls in Iran despite tenstions with US
Iran to produce blood bank centrifuge for the first time
VP of Iran’s ICCIMA comments on removal of zeros from Iran’s currency
Iran approves digital foreign currency plan

Middle Asia



Kazakhstan decreases volume of goods turnover with other EAEU members
Export costs increase in Kazakhstan
Incomes of Kazakh National Fund increase
Volume of trade increases in Kazakhstan
Taxes are main source of Kazakhstan state budget income
Tenge weakening, Kazakh government's debt rising
Special economic zones of Kazakhstan to realize new projects
Nur-Sultan leading by increase of individual entrepreneurs in Kazakhstan
Investments into Kazakhstan's food industry decrease
More investment projects to be realized in Kazakhstan's Atyrau
Kazakh service provider pays over $406K in dividends
Kazakhstan's Kyzylorda region aims at further entrepreneurship support
Money supply decreases in Kazakhstan
North Huajin Chemical Industries to invest in carbide plant construction in Kazakhstan

Finance & insurance

Kazakh National Bank talks about increase of gold in its international reserves
Profits of Kazakhstan's Halyk Bank increase
Kazakh national transmission grid operator directs over 87% of profit to dividend payments
Corporate deposits to banks of Kazakhstan decrease
Kazakhstan sanctions over $6.8 billion on State programs
Kazakh insurance companies earn over $350M in 1Q2019
Kazakh service provider pays over $406K in dividends
Central Bank of Uzbekistan issues license to Kazakh bank
Pension assets of Kazakhstan’s Unified Accumulative Pension Fund exceed $25 billion
Russia - leader by money transfers from and to Kazakhstan
Remittances on Kazakhstan territory more than halved
National Bank of Kazakhstan talks retail deposits
National currency denominated deposits account for majority of deposits in Kazakh banks
Almaty leads by foreign currency sale among Kazakhstan regions
In Kazakhstan, conditional deposits mainly preferred by legal persons



Turkmenistan, Hungary eye to hold joint business forum
Turkmenistan, OECD mull issues to stimulate investments
Turkmenistan participates in WCO forum on free economic zones
Turkmenistan takes steps to improve insurance activities



Uzbekistan develops strategy to increase FDI
Navoi region of Uzbekistan gains FEZ status
Uzbekistan to become new driver for attracting FDI in Central Asia
World Bank: Uzbekistan's state budget is reliable, well executed
S&P assign 'BB-' rating to Tashkent region of Uzbekistan
Uzbek city of Khiva to become capital of Turkic world
Uzbekistan to cancel customs privileges for cement importers
Uzbek Andijan region to implement 908 projects worth almost $3B
Inflation rate in Uzbekistan is below forecast
Uzbekistan, UAE establish investment company
Uzbek capital implements 19 projects worth over $600 M
Uzbekistan to attract $500M for construction-related projects
Central Bank of Uzbekistan publishes factors influencing inflation in 1Q2019
Retail trade turnover in Uzbekistan reaches almost $5.5 B
Uzbekistan's foreign trade grows almost by 25%
Volume of wholesale trade in Uzbekistan amounts to over $ 2 billion
Uzbek Ministry of Finance names reasons for GDP growth

Finance & insurance

Uzbekneftegaz may issue first Eurobonds in mid-2020
US Eximbank to allocate loan to US companies in Uzbekistan
Netherlands’ Investment Company allocates subordinated loan to Uzbek bank
Central Bank of Uzbekistan talks on innovations in payment system
S&P affirms Uzbek bank's rating at B+/B
Value of done deals on Uzbek stock exchange up by over 70%
Uzbekistan publishes results of electronic trading of government securities
Belarus, Uzbekistan plan to increase turnover through trading on stock exchange
Interest rates on loans in national currency hits record level in Uzbekistan
Uzbek company, EBRD sign loan agreement
Central Bank of Uzbekistan issues license to Kazakh bank
WB allocates loan of $33M to Uzbekistan



Georgian officials, EBRD talk over future joint projects
Georgia names main condition for supporting small and medium businesses
ADB ready to fund construction of $3B port in Georgia
Trade turnover between Turkey, Georgia decreasing
Georgia, Romania to develop trade relations
Ukraine, Georgia amend agreement on free trade
Azerbaijan is among top three major trading partners of Georgia
Georgia accepts seven out of eight conditions set by Consortium Anaklia

Finance and insurence

Georgian minister explains depreciation of lari by external factors
TBC Insurance presents new project in Georgia
More and more currency comes in Georgia
Georgian officials, EBRD talk over future joint projects