Media Review for April 24, 2020

The restrictions applied in connection with the coronavirus and the impact of the collapse in oil prices on the social, economic, financial life of Azerbaijan are the topics of today's media.

The newspaper Azerbaijan assesses the ongoing struggle against the coronavirus pandemic at the state level and emphasizes the timeliness of the necessary measures, the application of a quarantine regime, a social package for unemployed citizens, the poor, and financial support for entrepreneurs.

Bizimyol.info writes that Russia has decided not to comply with the agreement of the OPEC + countries to reduce oil production to 9.7 million barrels. On April 17, Russia increased oil production by 0.8% and now it produces 1.557 million tons of oil per day. This was a continuation of the oil war between Russia and Saudi Arabia, the author believes. The sentiment reigning now in the oil market does not give reason for optimism.

The website Redaktor.az discusses with experts the issue of the impact of a drop in oil prices on the dollar and the manat, noting the negative consequences for the manat. Only exporting countries will suffer from falling oil prices, while importing countries will benefit, which stimulates their economy. As for the manat, it is not known how long the government will be able to maintain the current national currency rate.

Yeniavaz.com discusses the situation in the real estate market, which was strongly affected by the quarantine regime. A decrease in funds received in the camp reduces interest in real estate and lowers prices. In the current situation, prices in the real estate market may fall by 20-25%.

If oil prices remain low and the state supports the construction sector, then real estate prices may fall another 10%, experts say. Today, prices on the rental housing market also fell by 10-15%.           –0-----