The AZN rate dropped by 10 points on December 30. On the morning of December 30 the scoreboards of the exchangers showed a new course: the purchase of the US dollar was at 1.6 manat, and the sale – at 1.7 manat (Euro buying was at 1.7 AZN, and Euro sale was at 1.72 AZN).
The previous rate of $ 1 = 1.52 AZN, $ 1 = 1.57 AZN, announced after this year’s second devaluation of the manat, lasted only a week. CBA announced a "floating" exchange rate of manat (minus 47.7% against the dollar and 48% against the euro) on December 21.
This decision of the Central Bank caused a panic on the currency market. Exchange offices are in fever. Today, some of them were closed for buyers and sellers of currencies. -0-
Economics
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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Azerbaijan Railways (AZD) has launched rail transit shipments from Zira Port, located 45 kilometers east of Baku, strengthening the country's position as a logistics hub on the Middle Corridor.
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