Baku, the capital city, accounts for 93% of deposits of population

Baku, the capital city, accounts for 93% of deposits of population By results of 2012 Baku again became a leader in attraction of deposits by the banks.  According to a report of the Central Bank of Azerbaijan, the volume of banking deposits in the capital city as of 1 January 2013 made AZN 4,754,300,000 at the average rate of annual 8.5%. Deposits in national currency made  AZN 2,693,100,000 as of the beginning of the year in Baku, average rate-7.8%, foreign currency made AZN... Read More

The 2013 Human Development Report

The 2013 Human Development Report, The Rise of the South: Human Progress in a Diverse World looks at the evolving geopolitics of our times, examining emerging issues and trends and also the new actors which are shaping the development landscape.  The Report argues that the striking transformation of a large number of developing countries into dynamic major economies with growing political influence is having a significant impact on human development progress.  Download Full... Read More

Azerbaijan Economy in January, 2013

Azerbaijan Economy in January, 2013 CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first month of year on February, 20, 2013. Independent calculated data show that decline in oil production and oil export will continue in 2013, too. Meanwhile, the government reports also proof that decline in oil export continue in January, 2013. State Oil Company of Azerbaijan (SOCAR) has recently reported that Azeri oil export declined by... Read More

$ 1,5 billion Sterilization in Azerbaijan

$ 1,5 billion Sterilization in Azerbaijan “The Central Bank of Azerbaijan (CBA) has been keeping regulatory monetary policy to intervene in the market in order to keep the exchange rate of manat, national currency, for more than the decade.  CBA held currency sterilization in the amount of USD 1,584 billion in 2012 and manat against USD consolidated by 0.19%. The stability of the manat monthly cost of 135 million dollars. In this regard, the crucial issue is whether there is... Read More

Decline in Azerbaijan’s Industrial Production Linked to Downward Trend in its Oil Sector

Decline in Azerbaijan’s Industrial Production Linked to Downward Trend in its Oil Sector Azerbaijan industrial production dropped to 3,0 billion manat ($ 3,84 billion) in January 2013, according to data released by the State Statistic Committee of Azerbaijan. Compared to this time last year, industrial production has declined 2,0%, down from 3,06 billion manat ($ 3,92 billion) in industrial products registered in January 2012. According to the State Statistic Committee, production... Read More

Inflation Rate in January: Government Reports 0,6 %, CESD Survey Concluded 1,4 %

Inflation Rate in January: Government Reports 0,6 %, CESD Survey Concluded 1,4 % Inflation rate was 0,6 % in Azerbaijan in January, 2013- reported State Statistic Committee. The committee reported that prices of non-food products increased by 0.1%, prices and service tariffs of consumer goods increased by 1.2 % in January, 2013 compared to previous month. The committee added that price for services for air passenger transport on international flights and notary services increased... Read More

Trend of Decline in Azeri Oil Export

Trend of Decline in Azeri Oil Export CESD Forecasts decline in oil output by 5,0 % in 2013 Azeri oil export declined by 15.3% in January 2013 compared with the previous month according to State Oil Company of Azerbaijan (SOCAR). The company reports that it exported 1.67 million tons in January 2013 (compared to 1.976 million tons in December). Last year’s highest export occurred in July (2.36 million tons). In January 2013, 2,629 tons of oil was exported via Baku-Novorossiysk;... Read More

Tracking the Discount Rate Cut in Azerbaijan

Tracking the Discount Rate Cut in Azerbaijan The Central Bank has lowered its discount rate from 5.00% to 4.75 % starting this week. According to the Central Bank, taking into account the optimal level of inflation, this step will lead to a decrease in inflation rates and thereby support economic growth in non-oil sectors.  The bank said that the targeted inflation rate would maintain currency stability and increase the money supply appropriately. Inflation remains at single-digit... Read More

Decline in SOCAR oil production in 2012

Decline in SOCAR oil production in 2012 The State Oil Company of Azerbaijan produced 8,241, million tons of oil in 2012. The statement came from sources in SOCAR.  Production made 706,638 tons in January, 660,942 tons in February, 660,900 tons in March, 684,300 tons in April, 700,900 tons in May, 678,500 tons in June, 700,900 tons in July, 701,800 tons , 680,100 tons in September, 705,113 tons in October, 683,200 tons in November, 679,200 tons in December. Oil output has dropped... Read More

Azerbaijan not to join Eurasian Customs Community?

Azerbaijan not to join Eurasian Customs Community? Azerbaijan won’t join Eurasian Customs Community, said Chairman of Azerbaijan Customs Committee Aydin Aliyev.   Aliyev says last year during meeting of the World Customs Organization, customs cooperation minister of Eurasian Customs Community invited Azerbaijan to join the organization, APA reports.  But Azerbaijani side refused to join at that meeting. ‘Today, position of Azerbaijani government and customs service is far... Read More