finances in Caucasus

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Armenian Central Bank cuts key refinancing rate

Armenian Central Bank cuts key refinancing rate

Armenia's Central Bank said it had decided to cut its refinancing rate to 6.75% from 7.25%. Annual deflation in the South Caucasus country was at 1.9% in August, compared to 1.3% deflation in July, according to central bank data. …

SOFAZ fails to sell $72mln on market

SOFAZ fails to sell $72mln on market

The State Oil Fund of Azerbaijan (SOFAZ) has sold $78 million to 22 local banks on foreign exchange market today, fully meeting demand, the fund said. It had offered $150 million at the Wednesday auction. SOFAZ sold $200 million at …

Azerbaijan's interest rate increased to 15%

Azerbaijan's interest rate increased to 15%

The Central Bank of Azerbaijan (CBA) increased the interest rate from 9.5% to 15% today, the CBA said in a message.  The upper limit of the interest rate corridor was increased from 15% to 18%, while the lower limit was …

Azerbaijan’s State Oil Fund sells $50M to local banks

Azerbaijan’s State Oil Fund sells $50M to local banks

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 30 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 6, SOFAZ said in a message, Trend reports. SOFAZ will continue to sell foreign currency through …

Manat strengthened against euro

Manat strengthened against euro

Official exchange rate of the US dollar and euro to Azerbaijani manat was set at 1.6362 manats and 1.8239 manats, respectively, on September 6, Trend reports. According to the currency exchange rate corridor set by the Central Bank …

 Azerbaijan to help small and medium-sized businesses

Azerbaijan to help small and medium-sized businesses

Azerbaijani Deputy Taxes Minister Ilkin Valiyev said that Income tax and value added tax (VAT) rates for small and medium-sized enterprises engaged in production will be reduced in the country. He made the remarks at a …

Georgia refuses from dollars

Georgia refuses from dollars

The Georgian Prime Minister Giorgi Kvirikashvili believes that there is no alternative to dedollarization and strengthening confidence in the Georgian national currency in the long term. "We must take …

Armenian Press Review (February 4-10)

Armenian Press Review (February 4-10)

The coalition of the RPA and ARFD, fracturing of ‘Prosperous Armenia’, the new ambassador of Armenia to Russia, rises in prices ...

Armenian press review (January 28 - February 3)

Armenian press review (January 28 - February 3)

Armenian media write about the aggravation of differences between President Serzh Sargsyan and Prime Minister Hovik Abrahamyan during the negotiations on the establishment of the next ruling coalition

Russia ratifies law on CIS integrated currency market

Russia ratifies law on CIS integrated currency market

Russian President Vladimir Putin has signed a law on ratification of the Agreement on the CIS integrated currency market, which will create an integrated currency market within the borders of post-Soviet Commonwealth. …

Georgian Central Bank increases key rate by 50 base points

Georgian Central Bank increases key rate by 50 base points

The National Bank of Georgia raised its key refinancing rate by 50 basis points to 7% today. The monetary policy decision is based on the macroeconomic forecast, according to which the National Bank of Georgia continues monetary policy …

New World Bank's strategy of cooperation with Azerbaijan approved

New World Bank's strategy of cooperation with Azerbaijan approved

The World Bank Group has approved a five year joint strategy (2015-2020), aimed at supporting Azerbaijan on its path toward sustainable development. The IFC’s primary focus is on supporting the continuing and strengthening initiatives to boost

Ilham Aliyev signs law on securities market

Ilham Aliyev signs law on securities market

President of Azerbaijan Ilham Aliyev has signed the law on securities market approved by the Parliament. The Cabinet of Ministers should bring its acts into conformance with the law, define the rules of issue and turnover of the state …