From December 21 to 25 Central Bank of Azerbaijan (CBA) has had a currency intervention at the interbank currency market to the amount of $300 million. Therefore, CBA’s currency resources were close to $5.1 billion.
Last week (before devaluation) CBA has sold currency to the amount of $493 million at the interbank currency market.
CBA has resumed the currency sales operations at the interbank currency market on December 8, 2015 after the Azerbaijan State Oil Fund has suspended the currency sales.
From December 8 to 11, 2015 CBA has sold $255 million at the interbank currency market. During the past two weeks the volumes of sales of CBA totaled $748 million.
Since September 1, 2014 CBA’s currency resources reduced by $10.2 billion.—0—
Economics
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In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
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Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
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BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
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The Agency for the Development of Small and Medium Enterprises (KOBİA) has issued 192 start-up certificates to entrepreneurs, approximately 50% of whom are youth, according to Orkhan Mammadov, Chairman of KOBİA. The announcement was made at the Fifth Young Entrepreneurs Forum in Baku, underscoring the government's increasing focus on fostering innovation among the nation’s young entrepreneurs.
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