The Central Bank of Azerbaijan to maintain the exchange rate of manat purchased nearly USD 1 billion from January to July. However, $ 967.4 million is not a record as 20% more was spent in the first half of last year.
According to the bank review of monetary policy on the bank’s website, in the reporting period, the proposal on the currency market exceeded demand. As a result of these measures, the rate of the manat against the dollar during the reporting period appreciated by only 0.03%. "The stability of the national currency had a positive impact on the macroeconomic environment and the stability of the financial sector of Azerbaijan," the document says.
Following the results of the past year, the Central Bank of Azerbaijan to maintain the national currency purchased foreign exchange in the amount of $ 2 billion 457 million. As a consequence, the manat against the dollar appreciated by 0.06%. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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