On the foreign exchange auction of the Central Bank on Tuesday AZN suddenly and sharply rose by 5.18 kopecks, or 2.8%.
The auction ended with a rate of AZN 1.8251 per USD, while the official exchange rate on February 7 was AZN 1.8769 per USD.
It is the sharpest appreciation of the manat for one auction after the second devaluation in December 2015.
Commercial banks immediately after the news of the auction lowered their rates of buying and selling the dollar and the euro. E.g., commercial banks have set the USD purchase rate between AZN 1.75 and AZN 1.80, and the sale rate – at the level of AZN 1.82-1.84.
The euro also fell sharply. So, a week ago, banks were buying the euro for AZN 2.03-2.07 manat and selling it for AZN 2.11-2.15. Today, buying the euro starts with AZN 1.95, and the sale starts with AZN 2.03.
Meanwhile, experts believe that the strengthening of AZN is a temporary phenomenon, and after a short time the national currency will fall again. -71D-
Economics
-
Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
-
Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
-
Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
-
Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
Leave a review