Economy

Individuals in Azerbaijan will be able to get back a part of the value added tax (VAT) during purchases in retail and catering networks after development of a corresponding mechanism, the Ministry of Taxes told Trend. Since Jan. 1, 2019, amendments to the Tax Code have entered into force in …

Azerbaijan has proposed Colombia-Istanbul-Baku-Tbilisi route for increasing the tourist flow from Colombia, charge d’affaires of the Azerbaijani embassy in Colombia Hamid Zeynalov told Trend. “I held meetings with major Colombian travel companies and gave information about winter and summer tourism in Azerbaijan. Mostly tourists come to Azerbaijan from three large …

By Leman Mammadova Milk processing is one of the potential spheres, since milk and other dairy products may constitute a significant share in  Azerbaijan’s non-oil sector. All dairy products are considered vital for food security of the country. Moreover, export oppotunities are high and soon Azerbaijan may launch sales of its dairy products …

The capitalization of the banking sector of Azerbaijan in November 2018 amounted to 4.247 billion manats, which is 14.51 percent more than the figure at the beginning of the year, Trend reports referring to the Financial Market Supervision Authority (FIMSA). As the FIMSA report said, the total assets of banks …

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $53.56 per barrel at the Italian port of Augusta on Dec. 28, or $1.48 less than on Dec. 27, a source in Azerbaijan’s oil and gas market told Trend Dec. …

The price of Azerbaijani oil has increased after Christmas holiday on the world markets. The price of a barrel of Azeri Light crude rose $0.38 to stand at $55.04.

The year 2018 saw a real breakthrough in trade and economy between Azerbaijan and Belarus, Ambassador of Belarus to Azerbaijan Gennady Akhramovich said at a press conference on Dec. 27, Trend reports. He noted that following the 10 months of 2018, the trade turnover between the countries exceeded $400 million, …

An auction for placement of 300 million manats worth short-term notes of Azerbaijan’s Central Bank will be held at the Baku Stock Exchange (BSE) on Dec. 26, Trend reports referring to the BSE. Three million notes at a par value of 100 manats each and maturity period of 28 days …

By Narmina Mammadova The development of credit unions can make a significant contribution to the development of the Azerbaijan’s agricultural sector, the chairman of the board of the Azerbaijan Credit Unions Association (AKIA), Jalil Suleymanov, told Trend on December 20. “Credit unions in Azerbaijan are mainly aimed at financing the …

By Abdul Kerimkhanov Azerbaijan is an inexpressibly picturesque country with its own unique “highlight”. Country is called “Land of Fire,” since its territory is rich in oil and gas deposits, which are close to the surface and erupt from the earth with torches of fire. Natural panoramas of this country …