The Central Bank of Azerbaijan called fake the letter spread on its behalf the day before on its refusal of the AZN regulatory principles on the basis of the foreign exchange rate and precious metals in the bank.
"A letter has circulated in social networks, allegedly directed by the Central Bank to commercial banks of the country on a new course of the manat to the US dollar since March 18, 2016," CBA said. It notified that "the letter is forged and distributed for the purpose of misleading the society. The relative rate of the manat to the US dollar is determined based on supply and demand in the currency market in accordance with the policy of managed floating exchange rate announced by the Central Bank."
The letter to commercial banks previously circulated in social networks on behalf of the deputy chairman of CBA A. Babayev also said that since March 18, the manat rate is set at a ratio of $ 1 = 1.2833 manat. -0-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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