News in Brief

Loans to Azerbaijani economy up by  6.6 per cent
Total amount of loans to the Azerbaijani economy have constituted AZM2,592.9bn as of January 1, 2003, exceeding the 2002 figure by 6.6 per cent. Short-term and long-term loans have made up AZM1,861.8bn, or 71.8 per cent, and AZM731.2bn, or 28.2 per cent, respectively. The National Bank of Azerbaijan has told AssA-Irada that state-run banks have released credits worth AZM1,240.7bn, while private banks and non-profit credit organizations -AZM1,013.3bn and AZM338.9bn respectively. AZM876.2bn have been invested in the public sector, while AZM1,716.8bn - in the private sector.

More credits to commerce, services
AZM2,044.8-bn in loans, excluding the overdue credits, have been released to the Azerbaijani economy in 2002, topping the 2001 indicator by 16.2 per cent. The National Bank of Azerbaijan has informed that the loans covered the following arears: commerce and service sector - AZM513.2bn, or 25.1 per cent, physical persons - AZM426.1bn, or 20.8 per cent, transport and communication sector - AZM285.6bn, or 14 per cent, public administration reforms - AZM239.8bn, or 11.7 per cent, energy and natural resources - AZM230.6bn, or 11.3 per cent, agriculture - AZM134.3bn, or 6.6 per cent, food and textile industries - AZM78.4bn, or 3.8vper cent, construction and real estate - AZM74.5bn, other sectors - AZM62.2bn - 3 per cent.

Azerbaijan tops CIS countries in imports from Russia
Russian media reports say that this country's exports to CIS countries have risen to $14bn by 5.5 per cent year-on-year in January-November in 2002. The amount of Russian goods imported to Azerbaijan has increased to 109.7 per cent, which is the highest indicator among CIS countries. Mainly, fuel-energy products, machines and equipment, metals and metallic items are imported to these countries from Russia.

CH to audit budget organizations, major taxpayers
The Clearing House (CH) is to conduct audits in budget organizations of the republic in 2003. Head of the CH Hamiq Nasrullayev has informed journalists that these audits are envisioned in the 2003 working plan of the House.  The audits will embrace organizations with big financial-flows, major taxpayers and establishments that have received foreign loans under the state guarantee. Such organizations mainly include the State Oil Company of Azerbaijan, the Azarenerji and Azariqaz joint-stock companies, State Airlines concern AzAL, etc. The results of the audits will be submitted to the parliament, and if necessary, to law-enforcement bodies.  The improvement and strengthening of the CH work is one of the demands put forward by the WB.

Broadcasting companies bring 60 per cent of ad incomes
The Azerbaijani Advertisers Union has reported AssA-Irada that $2.5m of incomes has been gained in the advertisement market in 2002. TV and radio ads take a share of 60 per cent in this, while print media and street ads account for 40 per cent. The specific ratio of TV advertising is believed to rise even more in the future, according to estimations of the Union.

Regional agricultural office set up in Quba
An agricultural department has been set up in Quba District with a view to carrying out agricultural policy in the north region of Azerbaijan. The Ministry of Agriculture has told AssA-Irada that AZM60m was spent on organizing the department that has been operating since earlier in January. The department aims to implement the government's agrarian policy on the countryside and to assist farmers and businesses in getting over problems. The newly-established administration will work in collaboration with agricultural sections of local district authorities.

Hard currency tops national manat in bank deposits
AZM2.263 trillions have been deposited in banks as of January 1, 2003, exceeding the figure as of January 1, 2002 by 15.2 per cent. An AZM363.4-bn portion of savings and deposits have been placed in national currency - manat, while the rest AZM1.9 trillions were deposited in hard currency. Physical persons take a share valued at AZM767.3bn in total savings and legal entities account for 1.495 trillions of the deposits, according to the National Bank of Azerbaijan.