Azerbaijan Resumes Bank Cleanup by Culling Four More Lenders

Azerbaijan Resumes Bank Cleanup by Culling Four More Lenders Azerbaijan closed down four more banks as the former Soviet Union’s third-largest crude exporter reels from the worst collapse in oil prices in a generation. The Financial Markets Supervisory Authority revoked the licenses of Dekabank, Kredobank, Parabank and Zaminbank to “reduce risks in the banking sector, ensure financial sustainability and increase trust,” Rufat Aslanli, head of the Baku-based regulator, told... Read More

Azerbaijan zeroes customs duty on AI-92 petroleum import

Azerbaijan zeroes customs duty on AI-92 petroleum import Azerbaijan has zeroed the customs duty for the import of gasoline AI-92 for 60 days and fixed excise tax for such import at the formal level. The Cabinet of Minister made a decision to eliminate customs duty on imported gasoline with an octane rating of 92. The zero rate is also applied for gasoline with octane rating of 98, which the country does not produce, and on other types of gasoline is equal to 15 percent. The Cabinet... Read More

Azerbaijan Economy in the First Half of 2016; Brief Overview

Azerbaijan Economy in the First Half of 2016; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first half in 2016. Both independent and official reports show that GDP continued declining in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased 3.4 % in the first half in 2016 since CESD calculations found out 4.1 % decline in the economy. According to the State Statistic Committee... Read More

Azerbaijani oil export declined by 7 %

Azerbaijani oil export declined by 7 % Azerbaijani oil export decreased by 6.86% in June 2016 compared with previous month. According to the State Oil Company of Azerbaijan Republic (SOCAR) reports total export was 1.676 million tons of oil in June against 1.799 million tons in May. Meanwhile, Azerbaijani oil export was 1.449 million tons in April, and 1.9 million tons in March 2016. At that, June’s oil export via Baku-Novorossiysk oil pipeline reached 159,574 tons (versus 79,963... Read More

Oil Currency Breaks Ranks as Azeris Can’t Quench Dollar Cravings

Oil Currency Breaks Ranks as Azeris Can’t Quench Dollar Cravings As higher energy prices buoy currencies of commodity producers, one is swimming against the tide. Even after losing more than half its value against the dollar in two devaluations last year, Azerbaijan’s manat is struggling to find a bottom. In fact, it just had its worst month since the height of the crisis in oil markets in January. The currency market of the third-biggest oil producer in the former Soviet... Read More

CESD Press: The Potential Impacts of Brexit on Azerbaijan’s economy

CESD Press: The Potential Impacts of Brexit on Azerbaijan’s economy As one of the centres of the global economy and financial sector, the exit of Great Britain from European Union made significant impacts on different countries in one way or another, and Azerbaijan was not an exception. This paper analysed the short and long-term impacts of Brexit on Azerbaijan by looking at State Oil Fund of Azerbaijan, UK-Azerbaijan relationship and potential benefits for Azerbaijan. The study... Read More