Fitch Cut Rating for Azerbaijan Mortgage Fund

Fitch Cut Rating for Azerbaijan Mortgage Fund Fitch Ratings cut rating for the Azerbaijan Mortgage Fund under the Central Bank of Azerbaijan Republic (AMF) to Stable from Positive and affirmed its Long-term foreign currency and local currency ratings at ‘BBB-‘, Fitch Ratings announced on May 22, 2012. The rating action reflects the revision of Azerbaijan’s Outlook (see “Fitch Revises Azerbaijan’s Outlook to Stable; Affirms at ‘BBB-‘”... Read More

Azerbaijan Economy in the First Four Months of 2012

Azerbaijan Economy in the First Four Months of 2012 Government of Azerbaijan (GoA) has failed to achieve projected economic growth forecast for the first four month of 2012. According to the State Statistic Committee Gross Domestic Product  (GDP) increased only by 0.3 % and 16,6  billion manat ($ 21,3 billion) GDP generated in this period although th GoA projected 5,7  % growth for this year.  GDP per capita was $ 6,0 thousand in the first four months of 2012.  According... Read More

Oil Contributes 87,0 % of Total Export in Azerbaijan

Oil Contributes 87,0 % of Total Export in Azerbaijan The share of crude oil in Azerbaijan’s overall export made up 86.29% against 86.62% in 2011, 86.53% in 2010 and 81.57% in 2009. In the first quarter of 2012 oil export grew by 6.76% versus last year’s same term. The State Customs Committee (SCC) informs that for Jan-Apr 2012 the country’s oil export reached 12.086 million tons (5.989 million tons in April is still the best index of the year) of oil (data of controlling... Read More

Fitch Cut Azerbaijan’s Rating

Fitch Cut Azerbaijan’s Rating Azerbaijan’s sovereign-credit grade outlook was cut by Fitch Ratings because the Caspian Sea nation raised spending as oil output declined. Fitch lowered its outlook to stable from positive, reaffirming its BBB- rating, the lowest investment grade and on a par with Iceland, Latvia and Croatia. Moody’s Investors Service and Standard & Poor’s have both assigned Azerbaijan their minimum investment ratings. “The general government increased... Read More

ENPI East: report on activities 2011 and roadmap to 2013 released

ENPI East: report on activities 2011 and roadmap to 2013 released Creating the conditions to accelerate political association and deepen economic integration between the EU and the Eastern European partner countries are among the main objectives of the Eastern Partnership (EaP), according to a set of documents released by the EU in the framework of its annual assessment of the European Neighbourhood Policy (ENP). The Report on the EaP activities in 2011 takes stock of the progress... Read More

How much Will Euro Depreciate Against Dollar?

How much Will Euro Depreciate Against Dollar? Greek Treasury will face huge amount lose, if the government is not formed in the near future. The Ministry of Finance of Greece stated that “if we do not have a government that would negotiate on the allocation of next IMF tranche, and if the state does not receive the expected monthly inflows to the budget, we face the problem of liquidity at the end of June”. We can only guess what will happen to the euro quotes, if... Read More

BTC transports over 193 million tons of oil

BTC transports over 193 million tons of oil The 2012 capital expenditures for the Baku-Tbilisi-Ceyhan (BTC) is $61,7 million. In the first half of the year, BTC spent $7,1 million in capital expenditures. BTC’s daily throughput capacity is currently 1.2 million b/d. Since the start-up, June 4, 2006 up to date, 1,870 tankers were loaded at Ceyhan with a total of about 193 million tons of crude oil transported via BTC and sent to world markets. The BTC pipeline currently carries... Read More

Nabucco Consortium submits new proposal to Shah Deniz II Consortium

Nabucco Consortium submits new proposal to Shah Deniz II Consortium The Nabucco Consortium on May 16, 2012 submitted a proposal to the Shah Deniz II Consortium for the construction of a “Nabucco West” pipeline, which would bring Caspian gas from the Bulgarian-Turkish border to Baumgarten and beyond. “We are convinced that we have submitted a competitive and comprehensive proposal to the Shah Deniz II Consortium, and that this proposal represents a win-win situation for our... Read More

‘Talks on Free Trade Zone will be launched after the membership at WTO”

‘Talks on Free Trade Zone will be launched after the membership at WTO” The European Union wants to see progress in the issue of Azerbaijan’s membership at the World Trade Organization, Roland Kobia has told journalists. The head of the EU Representation in Azerbaijan noted that EU had offered Azerbaijan to launch talks on the Free Trade Zone, Gun.Azreports. “But for this, Azerbaijan needs to be a member of the WTO. This is the primary condition.” News.Az      Read More

Spotlight on Azerbaijan

Spotlight on Azerbaijan The CESD developed economic part of the report The Foreign Policy Center, UK, produced report titled “Spotlight on Azerbaijan”. Spotlight on Azerbaijan contains a broad analysis of some of challenges Azerbaijan faces, and explores the role and goals of the international community. The report makes a series of recommendations for action. The economic part of the report was developed by the Center for Economic and Social Development (CESD). The CESD also... Read More