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Economical news
Bulletine Economics 


2017 November 07 ( Tuesday )  17:54:18
Print version
Русский Azərbaycan

 

SOCAR Auctions Auto Parts

Baku / 07.11.17 / Turan: The transport department of SOCAR announced the auction for the sale of about 70 names of spare parts for cars and special vehicles, which are valued at a total cost of 110,000 manat.

The auction will be held on December 1. All the properties offered for sale are offered for one lot. This is the second auction held by SOCAR. The previous auction was held on October 26, but its results were not reported. The auction sold property used in drilling operations, the starting price of which was set at about 1.5 million manat. ----08D

Minister of Finance Proposes Raising Excise Rates for Alcoholic Beverages

Baku / 07.11.17 / Turan: The Minister of Finance Samir Sharifov said it is proposed to double the excise rates for alcoholic beverages.

During the discussions of the draft state budget by the committees of the parliament, the Minister noted proposals for introducing appropriate changes to the Tax Code have already been sent to the President.

"After consideration of proposals by the relevant bodies, amendments to the Tax Code will be provided to the parliament. If adopted, they will come into force next year," he said.

Sharifov believes this will help boost budget revenues.

At present, according to the decision of the Cabinet of Ministers, excise rates for alcoholic beverages range between 20 and 30 percent, depending on the type of beverage. -71D-

State Industrial Corporation Created

Baku / 07.11.17 / Turan: By decree of President Ilham Aliyev on November 6, Azerbaijan Industrial Corporation OJSC was established. Its shares belong to the state. The head of state appointed the Chairman of the Supervisory Board (Natig Amirov, the President's Assistant for Economic Affairs) and the General Director (Kamran Nabizada) of the JSC.

The authorized capital of the JSC is formed at the expense of the property transferred to the balance of the state CJSC Agrarkredit, received instead of the problem assets of OJSC International Bank of Azerbaijan (IBA).

Within a month, the Presidential Administration will submit proposals to the head of state on the list of the said property and the mechanism for its transfer to Azerbaijan Industrial Corporation and for management.

The Cabinet of Ministers was instructed to provide the Azerbaijani Industrial Corporation OJSC with an administrative building within a three-month period.

In July 2015, the President signed a decree providing for the recovery of the almost bankrupt IBA. The bank's problem assets worth over 10 billion manat during 2015-2016 were transferred to the balance of CJSC Agrarkredit. With respect to this, bonds were issued for 3%, which the Central Bank purchased under a state guarantee. As it turned out later, Agrarkredit CJSC failed to manage the received assets. Only two properties were sold at auction. This state entity did not report to the public on the management of its assets. -----08D

15.5% of Registered Companies with Foreign Capital

Baku / 07.11.17 / Turan: In 2016 the number of real companies with foreign capital increased from 1,241 to 1,277. At the beginning of this year, over 8,200 companies with 100% foreign capital and participation of Azerbaijani co-owners were registered. In other words, only 15.5% of registered companies operate, Turan was told in the State Statistics Committee.

Last year, the volume of production of goods, works and services performed by foreign companies increased by 35% and amounted to 31.6 billion manat. At the same time, only 14% of this volume falls to the share of joint ventures. In the extractive industry, 74 companies with 100% foreign capital produced products worth 19.8 billion manat. The number of companies with 100% foreign capital in the construction sector in 2016 decreased from 120 to 98. At the same time, the volume of contract work carried out by them increased by 17.8% and reached 1 billion 385 million manat. Joint construction companies increased productivity by 63.5%. In 2016, they completed construction and installation works for a total of AZN 2.1 billion.

In the field of transport and storage, there are 66 companies with foreign capital, which in 2016 accounted for about 2.6 billion manat.

The number of employed people (89,357) in companies with foreign capital participation decreased by 4% in 2016. In this year, these companies attracted from abroad more than 1,000 new employees. As of the beginning of 2017, about 6.4 thousand foreigners worked in companies with foreign capital, including 1,400 in the extractive industry.

The average monthly salary of 53.2 thousand employees of companies with 100% participation of foreign capital was 2,581 manat in 2016. Joint companies paid 36.2 thousand employees an average of 1,188 manat per month. Most of all (4,500 manat per month) were earned by persons employed in foreign-owned industrial companies. -----08B

Government Reduces Customs Duties for Butter Threefold

Baku / 07.11.17 / Turan: By the decision of the Cabinet of Ministers, customs duties on imported butter and other fats made from milk have been reduced three times. Earlier, the amount of duties on these goods was 15% of their customs value. Now the duties have been reduced to 5%.

The resolution comes into force 30 days after publication in the media and will remain in force until December 31, 2019. This measure is aimed at reducing the price of butter, which has risen sharply recently.

Earlier Turan News Agency repeatedly wrote about the unreasonably high prices of butter (http://www.turan.az/ext/news/2017/-/free/markets/en/118404.htm).

In October, a discussion arose between experts, in particular Natig Jafarli, and the Customs Committee over the unreasonably high prices of butter. The expert accused the Customs Committee of having a monopoly on butter imports. In particular, Jafarli demanded the Committee explain why the difference in the price of New Zealand butter in Azerbaijan and Georgia is almost 40% (18 and 10 manat respectively).

Now, after the decision of the Cabinet of Ministers, Jafarli noted on his Facebook page that "now there is one unresolved point - the creation of a competitive and fair environment." -06D-

Azerbaijan Oil Rises in Price by Four Percent

Baku / 07.11.17 / Turan: Azerbaijani oil of the Azeri Light brand went up by $ 2.58 (4%) on the New York Stock Exchange, reaching $ 66.20 per barrel.

The oil brand Brent is being traded at a level of 64.24 dollars, according to foreign media reports. -06D-

VTB Bank to Sell Russian Rubles Only for US Dollars

Baku / 07.11.17 / Turan: VTB Bank (Azerbaijan) announced the beginning of the sale of Russian rubles only for US dollars for entrepreneurs. In the bank"s message it is noted that now the exchange of dollars for rubles can be made through one conversion.

"Thus, corporate clients of the bank can buy rubles for dollars at the rate of the Moscow Interbank Currency Exchange, which provides the most favorable exchange rate," it was reported.

When performing settlement and cash operations, there are no restrictions on the amount. The client can make money transfers or conversions in any amount. -71D-

Money Supply Decreased by 1.6% for Month

Baku / 07.11.17 / Turan: As of October 31, the money supply in Azerbaijan amounted to 8 billion 531.6 million manat. Compared to the previous month, the money supply decreased by 139.6 million manat or 1.6%.

From the beginning of the year, the money supply increased by 671.1 million manat or 8.5%, and in annual terms the growth amounted to 1 billion 082.7 million manat or 14.5%. -71D-

Currency Reserves of Central Bank of Azerbaijan Grows by 29.8%

Baku / 07.11.17 / Turan: Currency reserves of the Central Bank as of October 31, 2017 amounted to 5 billion 200.7 million US dollars.

Compared to the previous month, foreign exchange reserves increased by 33 million 200 thousand dollars or 0.64%.

Since the beginning of the year, this indicator has grown by 1 billion 226.3 million dollars or 30.8%.

In annual terms, the volume of foreign exchange reserves of the Central Bank grew by 1 billion 195.2 million dollars or 29.8%. -71D-

USD Exchange Rate Does Not Change

Baku / 07.11.17 / Turan: At the currency auction of the Central Bank on November 7 the US dollar rate did not change, remaining at the level of 1.7003 manat.

Commercial banks buy the US currency in the range of 1.6900-1.6980 manat, and sell it at 1.7010-1.7030 manat.

On November 7 the Central Bank set the EUR rate at 1.9734 manat against the rate of 1.9739 manat for November 6.

In commercial banks, the European currency is sold at 1.9850-1.9931 manat and bought in the interval 1.9540-1.9720. -71D-

Ata Bank Cuts Its Debt to Central Bank Twofold

Baku / 07.11.17 / Turan: Ata Bank assets increased by 142 million 526 thousand manat or 29.7% to 621 million 974 thousand manat in the third quarter of 2017 as compared to the same period of the past year.

The bank"s liabilities for the reporting period amounted to 472 million 799 thousand manat (an increase of 69 million 861 thousand manat or 17.3%).

The deposits reached 293 million 206 thousand manat (41 million 176 thousand manat or 16.3% growth).

In particular, the demand deposits of individuals increased from 16 million 166 thousand manat to 24 million 245 thousand manat, while those of legal entities decreased from 41 million 946 thousand manat to 32 million 282 thousand manat.

The timed deposits of individuals increased from 192 million 397 thousand manat to 235 million 615 thousand manat, and those of legal entities decreased from 1 million 520 thousand manat to 1 million 63 thousand manat.

The deposits of banks and other financial institutions increased from 13 million 472 thousand manat to 27 million 592 thousand manat.

The debt of Ata Bank to the Central Bank of Azerbaijan decreased from 20 million manat to 10 million manat.

The bank"s capital for the indicated time decreased by 95% or 72 million 605 thousand manat, amounting to 149 million 175 thousand manat.

For the three quarters of 2017 the bank showed a net profit of 1 million 672 thousand manat.

It should be noted that many of the bank"s indicators are related to the merger of Ata Bank and Caspian Development Bank in early 2017.

-71D-

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7003
1 AvroEUR1.9734
1 Avstraliya dollarıAUD1.3058
1 Argentina pesosuARS0.0964
1 Belarus rubluBYN0.8577
1 Braziliya rialıBRL0.5232
1 BƏƏ dirhəmiAED0.4629
1 Cənubi Afrika randıZAR0.1205
100 Cənubi Korea vonuKRW0.1529
1 Çexiya kronuCZK0.0772
100 Çili pesosuCLP0.2686
1 Çin yuanıCNY0.2567
1 Danimarka kronuDKK0.2651
1 Gürcü larisiGEL0.6565
1 Honq Konq dollarıHKD0.2179
1 Hindistan rupisiINR0.0262
1 İngilis funt sterlinqiGBP2.2388
100 İndoneziya rupiasıIDR0.0126
100 İran rialıIRR0.0043
1 İsveç kronuSEK0.2025
1 İsveçrə frankıCHF1.7028
1 İsrail şekeliILS0.485
1 Kanada dollarıCAD1.337
1 Küveyt dinarıKWD5.6143
1 Qazaxıstan tengəsiKZT0.0051
1 Qırğız somuKGS0.0245
100 Livan funtuLBP0.1127
1 Malayziya rinqqitiMYR0.4021
1 Meksika pesosuMXN0.0893
1 Moldova leyiMDL0.0974
1 Misir funtuEGP0.0964
1 Norveç kronuNOK0.2091
100 Özbək somuUZS0.0211
1 Polşa zlotasıPLN0.4656
1 Rusiya rubluRUB0.0292
1 Sinqapur dollarıSGD1.2476
1 Səudiyyə Ərəbistanı rialıSAR0.4534
1 SDR (BVF-nun xüsusi borcalma hüquqları)SDR2.3823
1 Türk lirəsiTRY0.4434
1 Tayvan dollarıTWD0.0564
1 Tacik somonisiTJS0.1932
1 Yeni türkmən manatıTMT0.4858
1 Ukrayna qrivnasıUAH0.0634
100 Yapon yeniJPY1.4916
1 Yeni Zelandiya dollarıNZD1.1785
QızılXAU2160.9113
GümüşXAG29.0496
PlatinXPT1562.5757
PalladiumXPD1690.0982