AZN Strengthened on Currency Auction
On the foreign exchange auction held by the Central Bank of Azerbaijan USD was 1.6006 AZN.
The auction began with the rate of 1USD / 1,6036AZN.
Note that starting from October 5 the Central Bank holds currency auctions under the new rules, according to which commercial banks have the right not only to buy but also to sell currency. The AZN exchange rate at the same time is set, depending on the price, which is determined during the last session.
On days when there is no auction, the rate of AZN is determined, based on the weighted average price set by agreements in the interbank foreign exchange market. -71D-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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