Weekly review of key events in Azerbaijan’s financial market

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Azer News

By Trend The Board of the Central Bank of Azerbaijan (CBA) last week made a decision to increase the interest rate from seven percent to 7.25 percent, Trend reports. At the same time, the upper limit of the interest rate band increased from eight percent to 8.25 percent, while the lower limit remained unchanged at six percent. Azerbaijan’s strategic foreign exchange reserves increased by 4.4 percent ($2.2 billion) from January through November 2021 and reached $53 billion. The CBA’s reserves increased by 10.2 percent and exceeded $7 billion. According to the CBA, if the current trends remain, … Continue reading “Weekly review of key events in Azerbaijan’s financial market”

Central Java Governor aims to vaccinate 2 million children

Central Java Governor Ganjar Pranowo has said he is aiming to vaccinate two million children in the 6–11 age group in the province to protect them from COVID-19.

"The target for children's vaccinations in Central Java is around two million; we will pursue it. Today, we have not received the special vaccines' allocation for children, so, for now, we are utilizing vaccines that have not been distributed, so we use them first," he informed in Pekalongan on Monday.

According to the governor, vaccinating children in schools is considered easier because all that needs to be done is to call the children to school and then administer the COVID-19 vaccine to them.

"We will expedite vaccinations of these children in schools because the method is easy. Just invite these children, give the vaccines then and there. Done," he remarked.

He made the statement while reviewing COVID-19 vaccinations for children aged 6–11 years in Pekalongan city.

Pranowo visited two schools— Podosugih 03 State Elementary School and Tirto 03 State Elementary School in West Pekalongan sub-district, Pekalongan.

At the two schools, he met children who said they were not afraid of getting vaccinated. The kids told him they understood the importance of vaccines: they would offer them protection against COVID-19.

Pranowo said he expected the vaccination program for children to be pushed so that it would offer a sense of security and peace, thereby allowing face-to-face learning at school to run as usual.

The central government is aiming to vaccinate 70 percent of its citizens by the end of 2021. Recently, efforts were launched to vaccinate children aged 6 to 11 years old across Indonesia in order to meet that end.

Source: Antara News

Ministry optimizes utilization of DBHCHT for boosting farmers’ welfare

The Directorate General of Customs and Excise at the Finance Ministry optimizes the utilization of the Revenue Sharing Fund of Tobacco Products Excise (DBHCHT) to boost the prosperity of tobacco farmers.

Customs and Excise Communication and Publication Head Tubagus Firman stated that the step to improve the tobacco farmers' well-being is regulated in the Finance Minister's Regulation (PMK) No. 206/PMK.07/2020 on the use, monitoring, and evaluation of DBHCHT.

"Briefly, DBHCHT is used to fund five programs that are improvement in the quality of raw materials, industrial mentoring, social and environmental advising, socialization of provisions in excise, and eradication of illegal taxable goods," Firman explained here on Monday.

He remarked that the five programs aim to support the three aspects of social welfare, law enforcement, and health, with allocation in the proportion of 50:25:25.

"Observing the output of the fiscal year 2020, the DBHCHT has successfully funded those five programs optimally," he added.

Moreover, the raw material quality improvement program is aimed at helping to boost the welfare of tobacco farmers, thereby supporting the development of tobacco plantations and improving the quality of produced tobacco leaves.

According to Firman, DBHCHT's achievements in 2020 had contributed to improving the welfare of the community, especially of tobacco farmers, such as in the form of raw material assistance, comprising cutting machines, top-quality seeds, pesticides, fertilizers, capital aid, and human resource development.

Hence, he highlighted the allocations of DBHCHT for improving the quality of raw materials: some 435,470 seedlings per stems weighing 30,334,780 gm; 8,292 liters as much as 2,691 kg of pesticides; 1,271 liters of fertilizer weighing 48,777 tons; and nine cutting machines.

Meanwhile, in 2019, the realization of DBHCHT for improving the value of the program amounted to Rp275.11 billion comprising certification, training, and socialization program for 1,679 farmers and 32 farmers groups; the procurement of 26,674 units of tobacco facilities and infrastructure; and the implementation of technical innovations in the tobacco sector on an area spanning 7,185 hectares.

"This development in the agriculture sector is expected to increase productivity and the quality of agriculture, thereby (positively) impacting the tobacco farmers' welfare," Firman added.

Source: Antara News

Minister urges students to master information technology

Coordinating Minister for Human Development and Culture Muhadjir Effendy has urged students pursuing different majors to fully master information technology to survive and compete in the era of Industrial Revolution 4.0.

"Whatever the major is. It (information technology) must be mastered not only by students from a certain faculty or major," he said while delivering the keynote speech at the Ahmad Dahlan University (UAD) here on Monday.

In a bid to survive, people must at least master the basics of information technology, he added.

If the young generation, especially higher education students, do not master information technology, Indonesia will be left far behind by other countries in the world, he said.

"The risk is that we will be left behind, and we will become a nation of losers, no longer a nation of winners," the minister remarked.

For that reason, Effendy asked all universities to develop human resources who have mastery in the field of information technology.

According to the minister, the government will not be able to prepare competent and competitive human resources without support from the universities.

In addition, to be able to survive, university graduates must be able to adapt to the needs of the industry, or else they must be able to create their own jobs, he remarked.

Every year, at least 3.6 million people in Indonesia graduate from high school and vocational school, and around 1.3 million to 1.4 million people graduate from college, he noted.

"Therefore, at least 3.6 million jobs are needed per year. This is not easy, especially in the midst of the COVID-19 pandemic. Everything has to be corrected," he remarked.

Source: Antara News

BPKN records rise in customer complaints in financial services sector

The National Consumer Protection Agency (BPKN) has recorded a spike in consumer complaints in the financial services sector, with 2,152 complaints filed as of December 16, 2021, compared to 226 complaints a year ago.

At an online press conference here on Monday, deputy chairman of BPKN's Commission 3, Andi Muhammad Rusdi Galigo, noted that the financial services sector has become the sector that has received the most complaints.

This has been driven by a large number of complaints filed in the insurance sub-sector, he informed.

"The insurance sub-sector is the sector with the most complaints and the biggest loss, which is more than Rp2 trillion," Galigo said.

Several of the complaints concern leasing, with the majority of the problems related to vehicle repossession, restructurization, and billing methods used by debt collectors, he added.

Many of the insurance complaints pertained to insurance claims, bankrupt insurance, and payment failure, he disclosed.

In banking, the most frequent complaints involved non-payment of installments due to the pandemic, credit card utilization by other people, and missing bankers' funds, he said.

In the investment sector, most of the reports concerned defaults by investment companies, he added.

"In addition, when it comes to loan application, many of the problems revolve around billing system and high interest rate. The most-reported complaint in the non-banking sector is concerning failure in deposit payment," Galigo noted.

Moreover, BPKN also recorded complaints regarding home purchase, e-commerce, telecommunication services, transportation services, electronic goods, household electricity and gas, medicines and food, as well as health services, he said.

In total, 3,211 complaints were received from the public in 2021, with potential losses reaching Rp2.45 trillion, he added.

Earlier, BPKN estimated that Indonesia's economic growth could reach four percent by 2021 along with the recovery of and the increase in consumer trust in Indonesia.

Source: Antara News

Minister asks varsity to build anti-COVID electric buses

Minister of Transportation Budi Karya Sumadi has asked the University of Diponegoro (UNDIP) in Semarang, Central Java, to build electric buses equipped with HEPA filters to prevent COVID-19 transmission.

Sumadi made the statement after traveling in a Bio Smart and Safe Bus equipped with HEPA filters from Yogyakarta to Semarang on Monday.

"UNDIP can collaborate with other higher education institutions to create this kind of bus, but one that is operated with battery or electricity. So, next year, the bus can be used to support the G20 Summit in Bali," the minister said in a statement released here the same day.

He lauded the bus innovation developed by UNDIP with a private autobus company.

"All this time, we knew that the HEPA filters were only installed on planes, but now we make it on the bus. A very anticipatory idea to the current pandemic situation," he remarked.

Moreover, electric buses with HEPA filters can be utilized as a mode of mass transportation in some cities such as Bali through the Buy The Service (BTS) scheme, he said.

"(Let us) prove that we can compete with other nations," he added.

Meanwhile, Director General of Higher Education Nizam said that the innovation developed by colleges can proceed well if they gain support from sectoral ministries and institutions that actually use the innovations.

Meanwhile, the University of Diponegoro's Rector, Yos Johan Utama, explained that his team has sought support from related ministries and institutions and other relevant parties for the development of the next Bio Smart and Safe Bus.

"Our principle is our research efforts are for the people," Utama remarked.

The Bio Smart bus uses a smart air circulating system and comes with gaps between passenger seats, openable windows, UV C light, and HEPA filters, he explained.

Due to the presence of the filters, dirty and clean air does not mix in the passenger cabin, so it can minimize the transmission of COVID-19 through the air, he added.

Source: Antara News

Minister asks Bali to prepare for increase in travelers

Tourism and Creative Economy Minister Sandiaga Uno has asked Bali to prepare for an increase in visitors during the year-end holidays considering that the island is a favorite destination for vacationers.

"Based on the data we get, about 30 thousand domestic tourists come to Bali per day. Starting this week, (travelers) using air transportation will be around 15–20 thousand, and the ones from the land transportation could go up to 15 thousand," he informed here on Monday.

He said his administration is continuously coordinating with Bali Governor I Wayan Koster and the heads of regional districts to anticipate the spread of COVID-19 through several measures.

The Ngurah Rai Airport authority in Bali has been ordered to implement stricter monitoring, so have Gilimanuk Port and Padangbai Port, he informed. Additionally, it is now mandatory for vacationers to use the PeduliLindungi application and other health facilities, he added.

"I appeal to the public to do things during Christmas and New Year with full responsibility. Do activities with strict discipline, make sure there are no crowds, make sure the PeduliLindungi application is integrated. Let's ensure that the moment of Christmas and New Year's does not trigger new COVID-19 cases," Uno reminded.

The minister also said that on Saturday (December 18, 2021), 14 thousand people arrived in Bali.

This happened because the vaccination process, the application of health protocols, and the successful control of the COVID-19 situation have pushed efforts towards economic revival, he added.

Source: Antara News

FM Muhriddin Attends Ministerial Meeting of the India-Central Asia Dialogue

Yesterday, Minister of Foreign Affairs Sirojiddin Muhriddin attended the Ministerial Meeting of the India-Central Asia Dialogue in New Delhi.

The meeting focused on ways to strengthen this format of cooperation, expand trade, economic collaboration, and inter-regional connectivity between India and Central Asia.

Focusing on the need for joint cooperation in the implementation of economic and investment development, Muhriddin noted that Tajikistan attaches great importance to further strengthening India-Central Asia Dialogue.

In this context, he emphasized the possibility of cooperation for implementing large projects in infrastructure, transport, green economy, digitalization, and other areas of mutual interest for the expansion of export potential and opportunities.

Furthermore, the participants exchanged views on global and regional processes, in particular the situation in Afghanistan and the involvement of the world community to eradicate humanitarian issues in this country.

Following the meeting, a Joint Statement on the Outcome of the Third India-Central Asia Dialogue was adopted.

Source: National information agency of Tajikistan

Tajik and Indian FMs Discuss Development of Bilateral Relations

On December 18, as part of his official visit to New Delhi, Minister of Foreign Affairs Sirojiddin Muhriddin met with the Indian Minister of External Affairs Subrahmaniyam Jaishankar.

The meeting focused on the development of bilateral relations.

The ministers stressed the need to implement the agreements reached by the leaders of the two countries on strengthening mutually beneficial cooperation in various fields.

The parties also exchanged views on the expansion and strengthening of trade and economic ties, investment, scientific and technical collaboration, cooperation in industry, energy, culture, and education.

The officials also discussed other issues related to deepening bilateral relations between Tajikistan and India within the framework of international and regional organizations, as well as security in the region.

Following the meeting, the ministers signed the Ministerial Program of Cooperation for 2021-2024 and the memorandum of understanding between the Center for Professional Development and Retraining of the Ministry of Foreign Affairs of Tajikistan and Sushma Swaraj Insitute of Foreign Service of India.

On December 18, Muhriddin also visited the Rajghat Memorial Complex and paid tribute to the memory of Mahatma Gandhi.

Source: National information agency of Tajikistan