Many businesses in Azerbaijan are closing or reducing jobs because of the decline in oil prices and the past depreciation of the national currency. But given the political complexion of the economic recession, some companies prefer not to disclose information about the number of people who lost their jobs.
Azerbaijan’s sudden economic collapse affected all sectors of the economy. Among them are the state enterprises such as “Azerenergy”, “Azerigas” and “Azercel”.
In addition, eight banks have closed since last month after the Central Bank canceled their license. Culture and Tourism Minister Abulfas Garayev said “some museums have been closed because of unproductiveness,” …read more
Source: 168hours
