ECONOMY

Approximately half of the increase in economic activity is related to the “formalization” effect of the economy. “Elchi” reports that this was stated by Orkhan Nazarli, Head of the State Tax Service, during his speech at the “Future Outlook in the Tax System: New Management Model and Data-Driven Decisions” Forum. He stated that the volume […]

Compared to 2018, in 2025, the share of tax revenues in GDP for the private sector of the non-oil and gas sector increased by 2.2 percentage points, reaching 9.9%.“Elchi” reports that Economy Minister Mikayil Jabbarov stated this at the forum held on the topic ‘Future Outlook in the Tax System: New Management Model and Data-Driven […]

Existing economic growth rates are not consistent with Azerbaijan’s potential, and these indicators do not satisfy us. “Elchi” reports that Minister of Economy Mikayil Jabbarov said this during his speech at the “Future Outlook in the Tax System: New Management Model and Data-Driven Decisions” Forum. The Minister stated that the country’s foreign exchange reserves, low […]

During trading operations held at the ICE London intercontinental exchange, the value of the May 2026 contract for Brent oil exports increased by 2.08%, reaching 84.23 US dollars per barrel. According to “Elchi”, on the New York “NYMEX” commodity exchange, the price of 1 barrel of WTI crude oil for April 2026 exports also increased […]

The Central Bank of Azerbaijan has announced today’s currency exchange rates. According to “Elchi”, on March 4, the exchange rate of the US dollar remained unchanged at 1.7000 manats, and the Turkish lira was 0.0386 manats. In turn, 100 Russian rubles depreciated to 2.1836 manats, while the Euro appreciated to 1.9734 manats. Currency Code Rate […]

Due to the situation in the Middle East, the safe evacuation of citizens whose flights have been cancelled is being carried out by Azerbaijan from Jeddah, Saudi Arabia, to Baku. This was reported by “Azerbaijan Airlines” (AZAL) CJSC to elchi. Thus, a “Boeing 787 Dreamliner” aircraft belonging to AZAL is expected to land at Heydar […]

OPEC+ countries will compensate for excess oil production of 727 thousand – 850 thousand barrels/day monthly from February to June 2026, according to a new schedule. “Elchi” reports that this is reflected in the updated compensation plans received by the OPEC secretariat from Iraq, the United Arab Emirates, Kazakhstan, and Oman. The main part of […]

The confirmation of non-working days due to March 8 – International Women’s Day has affected the train schedule. “Elchi” reports that due to March 8 falling on a Sunday, March 9, Monday, has been declared a non-working day. Therefore, on March 7, 8, and 9, trains on the Baku-Pirshagi-Sumgayit-Baku and Baku-Khirdalan-Baku routes will operate according […]

Azerbaijani oil of “Azeri Light” (CIF) brand has risen in price in world markets. “Elchi” reports that the price of Azerbaijani oil per barrel increased by 6.56 US dollars or 8.2%, reaching 86.16 US dollars. It should be noted that the previous price of Azerbaijani oil was 79.6 US dollars. It is worth recalling that […]

The Central Bank of Azerbaijan has announced today’s currency exchange rates. According to information from “Elchi”, on March 3, the exchange rate of the US dollar remained unchanged at 1.7000 manats. In turn, 100 Russian rubles depreciated to 2.1920 manats, the euro to 1.9706 manats, and the Turkish lira to 0.0386 manats.