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Economical news
Bulletine Economics 

2017 August 01 ( Tuesday )  17:31:09
Print version
Русский Azərbaycan


OJSC: Only Minor Shortcomings Revealed

Baku/01.08.17/Turan Gardening and Landscape Structure JSC, which is subordinate to the Ministry of Ecology, has distributed a statement in response to the report of the Accounting Chamber.

The Accounting Chamber issued an audit report for 2015-2016 on July 31, which refers to some shortcomings of the company and its subordinate entities and their financial and economic activities.

The statement says that during the audit no financial violations, misappropriations or thefts were revealed, and only some minor defects were found, concerning which the Chamber made some recommendations. These shortcomings were eliminated during the audit, the statement says. The authors of the statement also note that all the works are carried out in accordance with the regulations. The budget forecast also corresponds to the real situation, and in view of the increase in gardening, the forecast also increases.

The absence of a single approach when approving the staffing table is linked to various services provided by the gardeners.

With regard to the Chamber"s observation regarding certain risks related to the expenditure of budgetary funds on the basis of orders of some district executive authorities, the JSC answers that the instructions concerned only landscaping along the edges of the main highways.

The JSC does not consider a serious violation the Chamber's observation that the final percentage is below the norm by 3.2%.-0-

Subsidies Provided to Cocoon Producers in 12 More Districts

Baku / 01.08.17 / Turan: By the decision of the Republican Commission for Agricultural Subsidies from July 31, subsidies were distributed between 898 cocoon producers in 12 districts, which sold 85,559.1 kg of fresh cocoon, the Ministry of Agriculture informs.

The total amount of the subsidy from the state budget will be 427,795.55 manat.

In total, according to two decisions, the commission provided 1,386 cocoon producers with 667,500 manat of subsidies. They sold 133.5 tons of cocoons to Sheki Silk Mill. For each kilogram of cocoon the state provides 5 manat of subsidies to the producers.

At the next meeting, the Republican Commission intends to fully complete the process of distributing subsidies. At the commission's consideration there are documents received from 10 districts.

According to the Ministry of Agriculture, more than 240 tons of fresh cocoon have been produced this year.

Subsidies for the sold silkworm cocoon are issued in accordance with the order of the head of state on September 15, 2016. -08D-

IFC Intends to Assist Development of Insurance in Agriculture in Azerbaijan

Baku / 01.08.17 / Turan: The International Finance Corporation is working on a project to develop an insurance system in the agricultural sector. It is aimed at expanding opportunities for farmers to access financial resources, said Aliya Azimova, IFC"s permanent representative in Baku, at a meeting with Deputy Minister of Agriculture Seyfeddin Talibov.

According to her, the project is aimed at managing risks in agriculture, forming an effective state / private partnership, which will ultimately enhance the financial sustainability of family farms. The project provides for cooperation between the Ministry of Agriculture, the Financial Markets Supervision Authority and other government agencies to improve insurance legislation, adopt new regulations on agricultural insurance, and apply a new insurance model in the agricultural sector.

Annually 1 million manat is allocated from the state budget to finance 50% of the amount of insurance of agricultural property. However, the level of their development is scanty. In 2012, 35.1 thousand manat was used by farmers, in 2013 - 19.6 thousand manat, in 2014 - 23.2 thousand manat, and in 2015 - 14.6 thousand manat, the Accounting Chamber reported. Last year, farmers did not resort to insurance companies. This year the Ministry of Finance plans to finance agricultural and livestock insurance for AZN 1 million. -08D-

Statute of State Advertising Agency Approved

Baku / 01.08.17 / Turan: President Ilham Aliyev issued a decree on ensuring the activities of the State Advertising Agency (SAA). The decree also approved the charter of the newly created state legal entity of public law. SAA created on June 20 this year is to provide uniform regulation and control in the field of advertising media placement in the open space in the territory of Azerbaijan, production and distribution of advertisements on these carriers.

The head of the state retained the right to form the authorized capital, reorganize and liquidate the SAA, to create its executive body, determine the powers of this body, and issue concessions of special significance. The supervisory board of the agency will consist of three people, whom the President will also appoint. The Cabinet of Ministers will approve the annual financial statements of the agency. The SAA structure will be determined by its leadership.

The authorized capital of the SAA is determined at the level of 10,000 manat.

To ensure the activities of the SAA at the preliminary stage, 1 million manat was allocated from the state budget. The agency will start fulfilling its duties from August 1, 2017.

The SAA will be provided with an administrative building within two months. During August, all departments and legal entities, as well as their property with local executive power agencies engaged in regulating advertising activities in the open space are subject to transfer to the SAA jurisdiction.

The SAA does not cover the territory of the historical and architectural reserve Icheri Sheher (Old Baku Fortress) and the historical and ethnographic reserve Gala.

According to the charter, the SAA will give permission for construction, installation and making constructive changes in advertising media, as well as placement of advertisements in the open space.

In Azerbaijan, municipal councils are practically deprived of the opportunity to control revenues from advertising activities. This right basically belonged to the local executive authorities before. As a result of 2016, the revenues of municipalities from advertising in their territories amounted to 216.4 thousand manat, or 0.7% of the annual municipal income. -08D-

Rate of AZN to US Dollar 1.7008 manat / $ 1 at Currency Auction

Baku / 01.08.17 / Turan: "The CBA held a currency auction on August 1 with the participation of the State Oil Fund of Azerbaijan, at which the average rate of the manat was formed at 1.7008 manat / $ 1," the CBA reported.

At the previous currency auction on July 27 the weighted average rate was 1.7009 manat / $ 1.

Since January 12, 2017, the CBA began to apply a new mechanism of currency auctions. The auctions take the form of a one-way sale of currency in competitive conditions. Orders are provided from the top price to the bottom. -0-

Provision on Financial Stability Board

Baku / 01.08.17 / Turan: President Ilham Aliyev by his decree approved the Statute of the Financial Stability Board of Azerbaijan on August 1.

It follows from the decree that the President and members of the council will be determined by the President of Azerbaijan. The composition of the Secretariat of the Board will be approved by the Central Bank, under which the Board operates.

The Statute outlines the activities of the Board, the main tasks and rights, as well as the organization of activities.

The Financial Stability Board was established by the presidential decree on July 15, 2016.

The activities of the Board are aimed at strengthening macroeconomic stability and ensuring financial stability, conducting a coordinated financial policy and achieving effective regulation.

Prime Minister Artur Rasizadeh was appointed Chairman of the Financial Stability Board. The Board includes an assistant to the President on economic reforms Natig Amirov, Finance Minister Samir Sharifov, Economics Minister Shahin Mustafayev, Chairman of the Central Bank Elman Rustamov, Chairman of the Board of Directors of the Financial Market Supervision Authority Rufat Aslanli and Executive Director of the State Oil Fund Shahmar Movsumov.

In April, the Board stated that the threats to financial stability no longer existed due to the measures taken.

In 2017, the Board decided to pursue a flexible macroeconomic policy to create new conditions for risk management and structural reforms to accelerate economic competitiveness. -0-

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7009
1 AvroEUR2.0122
1 Avstraliya dollarıAUD1.3659
1 Argentina pesosuARS0.0964
1 Belarus rubluBYN0.8781
1 Braziliya rialıBRL0.5439
1 BƏƏ dirhəmiAED0.4631
1 Cənubi Afrika randıZAR0.1292
100 Cənubi Korea vonuKRW0.1521
1 Çexiya kronuCZK0.0771
100 Çili pesosuCLP0.2619
1 Çin yuanıCNY0.2531
1 Danimarka kronuDKK0.2706
1 Gürcü larisiGEL0.7075
1 Honq Konq dollarıHKD0.2177
1 Hindistan rupisiINR0.0265
1 İngilis funt sterlinqiGBP2.2485
100 İndoneziya rupiasıIDR0.0128
100 İran rialıIRR0.0045
1 İsveç kronuSEK0.2105
1 İsveçrə frankıCHF1.7596
1 İsrail şekeliILS0.4774
1 Kanada dollarıCAD1.3616
1 Küveyt dinarıKWD5.6387
1 Qazaxıstan tengəsiKZT0.0052
1 Qırğız somuKGS0.0246
100 Livan funtuLBP0.1128
1 Malayziya rinqqitiMYR0.3976
1 Meksika pesosuMXN0.0957
1 Moldova leyiMDL0.094
1 Misir funtuEGP0.095
1 Norveç kronuNOK0.2161
100 Özbək somuUZS0.0418
1 Polşa zlotasıPLN0.4731
1 Rusiya rubluRUB0.0284
1 Sinqapur dollarıSGD1.2544
1 Səudiyyə Ərəbistanı rialıSAR0.4536
1 SDR (BVF-nun xüsusi borcalma hüquqları)SDR2.3944
1 Türk lirəsiTRY0.4836
1 Tayvan dollarıTWD0.0564
1 Tacik somonisiTJS0.193
1 Yeni türkmən manatıTMT0.4867
1 Ukrayna qrivnasıUAH0.0659
100 Yapon yeniJPY1.5434
1 Yeni Zelandiya dollarıNZD1.2772