Azerbaijan Central Bank’s net loss reached 308.7 million manat

Azerbaijan Central Bank’s net loss reached 308.7 million manat KPMG Azerbaijan completed the audit for Central Bank of Azerbaijan’s (CBA) 2014 performance. According to the audit report, the bank has reported a sharp increase in CBA activity losses. The report has underlined that , the net loss of the CBA over the past year reached 308.734 million manat versus net profit of 280.57 million manat for 2013. As a result, Bank’s retained profit of 31.47 million manat for 2013... Read More

The impact of Russia‘s economic crisis on Azerbaijan

The impact of Russia‘s economic crisis on Azerbaijan By Nadir Allahverdiyev Senior Researcher CESD Hardly anyone could expect a 33,4% devaluation of the Azerbaijani Manat by the Central Bank in one night. Officials explain that decision with the low oil prices and the “current global economic crisis”. Of course, this may increase ‘manat flow’ into the state budget, which was calculated based on an oil price of $90 per barrel, and 1 USD/AZN rate in 2015 budget was accepted... Read More

World Bank: 51% of Azerbaijani business sees access to finance its main problem

World Bank: 51% of Azerbaijani business sees access to finance its main problem World Bank’s Country Sector Coordinator Angela Prigozhina has delivered report “Access to Finance for Micro, Small, & Medium-Sized Enterprises in Azerbaijan. Demand-Side Assessment”. According to the assessment, 51% of the Azerbaijani sector of MSME considers access to finance its main problem, while tax rates make up only 13.8%, transport 5.8%, corruption only 2.4%. At that, 65% of the... Read More

$ 1,073 billion US: Central Bank of Azerbaijan’s Monthly Intervention Cost

$ 1,073 billion US: Central Bank of Azerbaijan’s Monthly Intervention Cost Azerbaijan’s currency reserves have been dramatically declined in the last couple of months The Central Bank of Azerbaijan’s (CBA) intervention cost was $ 1,073 billion US in April 2015. Bank’s total currency reserves declined to $ 8,397 billion US in April 2015 since it was $ 9.47 billion US previous month. Reminded here that CBA’s currency reserves were $11.004 billion US by 1 March, $12.68... Read More

Azerbaijani Oil Income in April 2015

Azerbaijani Oil Income in April 2015 Azerbaijan exported 1.705 million tons of oil in April 2015 against 1.649 million tons in March, 1.969 million tons in February and 2.121 million tons in January this year. Meanwhile, oil export via Baku-Novorossiysk reached 84,701 tons, Baku-Supsa – 254,164 tons, and Baku-Tbilisi-Ceyhan (BTC) n.a. Heydar Aliyev oil pipeline – 1.37 million tons. The SOCAR has announced that Azerbaijani oil export grew by 3.4% in April against March... Read More

Azerbaijani Oil Fund’s reserves have declined by 5.9 %

Azerbaijani Oil Fund’s reserves have declined by 5.9 % The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have dropped by 5.86% compared to the beginning of 2015 from $ 37,104 billion US. to $ 34, 930 billion US. Budget revenues of the SOFAZ reached 2,028 billion manat ($ 1, 932 billion US with new rate) , while budget expenditures constituted 2,336 billion manat ($ 2,225 billion US with new rate) in the first quarter of 2015. 1,939 billion manat ($ 1,846... Read More

Civil Society, Governance, and Inclusive Economies: Recent Developments

Civil Society, Governance, and Inclusive Economies: Recent Developments CESD Chairman will have speech at the 2015 Asian Development Bank Annual Meeting 2015 Asian Development Bank Annual Meeting will be taken place in Baku, Azerbaijan on May 2nd-5th, 2015. Partnership for Transparency Fund (PTF) together with CESD will organize special panel titled as “Civil Society, Governance, and Inclusive Economies: Recent Developments” at the ADB Meeting. The panel organizers underline... Read More