By January 1, the foreign exchange reserves of the Central Bank of Azerbaijan Republic (CBA) totaled $ 5 billion.
According to the information on the main directions of monetary policy and financial stability in 2016 on the CBA site, the reason for this was the extremely high demand for currency, which led to a certain imbalance in the foreign exchange market. So to meet the demand CBA had to sell more than $ 8 billion for the year.
CBA experts believe that this situation has contributed to the dollarization of bank deposits - foreign currency deposits increased by 40%, exceeding $ 5 billion.
Recall, as of 1 January of the previous year, currency reserves amounted to $ 13 billion 758.3 million. --17D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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