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Economical news
Bulletine Economics 

2017 October 10 ( Tuesday )  17:24:20
Print version
Русский Azərbaycan


AZAL Announced Opening of New Flights in Two Directions

Baku/10.10.17/Turan: The Azerbaijan Airlines (AZAL) announced a new campaign on flights from Baku to new destinations - Bangkok and Jeddah.

When buying from October 10 to October 29 2017, air ticket for Baku-Bangkok-Baku flights will cost 599 euros, and air ticket for Baku-Jeddah-Baku flights - just 399 euros. Indicated prices include all taxes and fees.

Dates of flights within the campaign: from October 29, 2017 to March 1, 2018. These flights will be operated with comfortable Boeing-767 (Baku-Bangkok) and Airbus A320 (Baku-Jeddah). The ticket includes free baggage allowance (up to 23 kg) and a full range of cold and hot onboard meals. ----08D--

Overdue Loans Account for 14.7% of All Loans

Baku / 10.10.17 / Turan: As of early September, the volume of overdue loans increased by 23.9%, reaching 1 billion 824 million manat or 14.7% of all loans, the Central Bank of Azerbaijan (CBA) said in a statement.

In general, the loan portfolio of banks and non-banking credit organizations for the first eight months of 2017 amounted to 12 billion 376.6 million manat (a decrease of 24.7%).

Banks with state share issued loans for 2 billion 426.7 million manat or 19.6% of all loans, and private banks issued 9 billion 497.6 million manat or 76.7% of all loans.

At the same time, the volume of loans issued by banks with the state share decreased by 57.8%, and the loans issued by private banks decreased by 7.1%.

In the national currency loans were issued for a total of 7 billion 222.3 million manat, and those in foreign currency were 5 billion 154.3 million manat. The volume of loans in the national currency decreased by 16.3%, while the loans in foreign currency decreased by 34%. ------71D

Population’s Deposits Decreased by 7.4%

Baku / 10.10.17 / Turan: In January-August this year, bank deposits of the population decreased by 7.4%, the Central Bank said in a statement.

During the reporting period, the population"s deposits amounted to 6 billion 895.5 million manat.

In August taken separately, the population"s deposits increased by 34.8 million manat, or by 0.5%. ----71D

President Issues Decree on Combating Informal Employment

Baku / 10.10.17 / Turan: Azerbaijani President Ilham Aliyev approved by his decree a plan of measures to prevent informal employment.

According to the decree, the goal is to formalize relations between employers and employees, improve control mechanisms of labor remuneration and implement effective coordination between state structures.

The President instructed the commission on regulation and coordination of labor relations every six months to report on the implementation of the plan of measures. ---71D

Land of Privatized JSC for Sale

Baku / 10.10.17 / Turan: The State Committee for Property Affairs resumed the sale of land for privatized joint-stock companies. According to the State Committee, an auction for the sale of a land plot for JSC Boradigah Chay-2 in the Masalli region was set for November 7.

The land area of ​​JSC Boradigah Chay-2 is over 3.8 hectares. It is estimated at 80 thousand manat. So much is the starting price at the auction.

According to the law, land plots for privatized objects are subject to privatization by their owners. In some cases, the State Committee for Property Affairs exposes these lands to an auction, explaining its effect with the fact that the owners refused to use this right. In reality, it becomes a "tool of struggle" with minority shareholders. After sale at auction, the land becomes the property of another person expressing interest of the holder of the main shareholding, and an opposition begins between them. In fact, the sale of land through an auction in Azerbaijan is a kind of coercion of minority shareholders to sell their stakes at low market value.

To date, the State Committee has held about 20 similar auctions. Land for privatized joint-stock companies was last sold at auction in 2015. -----08D

1 Million 330 Thousand Pensioners in Azerbaijan

Baku / 10.01.17 / Turan: The revenues of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population for the first nine months of 2017 increased by 7% or 165.49 million manat compared to the same period of the last year, making AZN 2,532.59 million.

According to the Fund, the income on compulsory social payments increased by 8.8% and amounted to 1501.1 million manat.

The share of the non-budgetary sector in the Fund's revenues made up 65.13% or 977.7 million manat, which is 12.1% or 105.46 million manat more compared to the same period of the previous year.

As of October 1, the number of pensioners in the country since the beginning of the year increased by 14,771 people or 1.1%, amounting to 1 million 330 thousand. The average size of pensions was 204 manat. -----71D

Heydar Aliyev International Airport in Baku Served 3.1 Million Passengers over Nine Months of 2017

Baku/10.10.17/Turan: In January-September 2017, Heydar Aliyev International Airport served 3.1 million passengers. This figure is close to statistics for the entire 2016.

During this period Azerbaijan Airlines (AZAL) carried 1.9 million passengers, 468,000 of which were carried on domestic flights.

85 percent of passengers were carried by international flights. 46.1percent of the total international traffic of the airport accounted for Azerbaijan Airlines, 53.9 percent - foreign air carriers.

Currently, Heydar Aliyev International Airport serves 30 airlines on 53 destinations. Top ten most popular international destinations include Moscow, Istanbul, Dubai, Kiev, Tehran, Antalya, Tbilisi, Baghdad, Doha and St. Petersburg. 1.9 million passengers traveled to these destinations.

The new airport terminal of Heydar Aliyev Airport (Terminal 1) was put into operation in April 2014. Its total area is 65,000 square meters. ---08D----

Inflation 13.9% in Annual Terms

Baku / 10.10.17 / Turan: For nine months of 2017, inflation in annual terms in Azerbaijan was 13.9%, the State Statistics Committee reported.

During this period, food prices went up by 17.9%, non-food products - 12.5%. The population pays private companies and state suppliers of municipal and other services 9.6% more, year on year.

Only in September compared with the previous month, consumer prices rose by 0.7%, including food - 1.4%, non-food products - 0.4%, as well as paid services to the population - 0.1%.

Annual inflation is taken into account when indexing the insurance part of labor pensions. In 2016, inflation was 12.4%. -0 ----

No More Arrests for Bank Debts - Akram Hasanov

Baku / 10.10.17 / Turan: Azerbaijan is the only state in Europe where people can be arrested for debts to banks, the head of the company Anti-Collector, bank expert Akram Hasanov wrote on his Facebook page.

He noted that the European Court of Human Rights started communication on three complaints from Azerbaijan.

"The European Court has combined three cases into one communication: Vahid Kerimov's debt to Rabita Bank, Mubariz Bayramov's debt to Uni Bank and Mahir Abbasov, which owes money to another citizen," he said.

Hasanov said that in the complaint he pointed out violation of the first paragraph of Article 6 of the European Convention on Human Rights ("Rights to a fair trial") and Article 4 of the Protocol ("No one can be deprived of freedom for failure to fulfill obligations only under one contract").

"The court gave the government of Azerbaijan time until January 16, 2018. The government will be redirected to me and I will have to comment on the government's opinion," Hasanov said.

He stressed that in this way next year the European Court will decide on this issue.

"Given the outright violation of the law, most likely our complaint will be granted and the state will have to pay compensation for the arrest in connection with the debt. It should be noted that so far the European Court has not taken such a decision, and unfortunately in this matter we will be the first. And guilty of this are unscrupulous judges, performance officials, and representatives of banks, who pressured them," the expert wrote.

Hasanov expressed hope that at least after this, arrests for debts will be stopped.

"The most important thing is that threats of arrest due to debt will become an inglorious page in history. After the European Court of Justice has its say, it will end. There is very little left," Hasanov said. -----71D--

USD and EUR Rise Slightly

Baku / 10.10.17 / Turan: At the currency auction of the Central Bank on Tuesday, the US dollar rate slightly increased - from 1.7002 manat to 1.7003 manat. Commercial banks buy dollars in the range of 1.69-1.70 manat, and sell them at 1.7020-1.7050 manat.

The EUR exchange rate also slightly increased on October 10 - from 1.9953 manat to 2.0011 manat. In commercial banks, EUR can be bought at 2.0150-2.0300 manat, and sold at 1.9511-2.0030 manat. -71D-

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7002
1 AvroEUR2.0011
1 Avstraliya dollarıAUD1.3234
1 Argentina pesosuARS0.0974
1 Belarus rubluBYN0.8609
1 Braziliya rialıBRL0.5333
1 BƏƏ dirhəmiAED0.4629
1 Cənubi Afrika randıZAR0.1235
100 Cənubi Korea vonuKRW0.1494
1 Çexiya kronuCZK0.0773
100 Çili pesosuCLP0.2684
1 Çin yuanıCNY0.2577
1 Danimarka kronuDKK0.2689
1 Gürcü larisiGEL0.6872
1 Honq Konq dollarıHKD0.2178
1 Hindistan rupisiINR0.0261
1 İngilis funt sterlinqiGBP2.2387
100 İndoneziya rupiasıIDR0.0126
100 İran rialıIRR0.0045
1 İsveç kronuSEK0.2097
1 İsveçrə frankıCHF1.7376
1 İsrail şekeliILS0.4845
1 Kanada dollarıCAD1.3578
1 Küveyt dinarıKWD5.6251
1 Qazaxıstan tengəsiKZT0.005
1 Qırğız somuKGS0.0248
100 Livan funtuLBP0.1128
1 Malayziya rinqqitiMYR0.4026
1 Meksika pesosuMXN0.0912
1 Moldova leyiMDL0.0975
1 Misir funtuEGP0.0965
1 Norveç kronuNOK0.2135
100 Özbək somuUZS0.0211
1 Polşa zlotasıPLN0.4651
1 Rusiya rubluRUB0.0292
1 Sinqapur dollarıSGD1.2507
1 Səudiyyə Ərəbistanı rialıSAR0.4534
1 SDR (BVF-nun xüsusi borcalma hüquqları)SDR2.3903
1 Türk lirəsiTRY0.4608
1 Tayvan dollarıTWD0.056
1 Tacik somonisiTJS0.1933
1 Yeni türkmən manatıTMT0.4858
1 Ukrayna qrivnasıUAH0.0642
100 Yapon yeniJPY1.5089
1 Yeni Zelandiya dollarıNZD1.2024