The Central Bank of Azerbaijan (CBA) published a review of the monetary policy in January-June this year. According to official figures, at least half of the consumer spending (49.5%) in the retail trade network is spent on the purchase of food products, beverages and tobacco products - 117.8 manat in this area of expenditure for each user. The remaining 50.5% are the purchase of "other non-food products" (18.75), clothing and footwear (17.8%), automotive fuel (6.5%), electrical appliances and furniture (5.5%), drugs and other pharmaceutical products (1.2%), computers and other ICT equipment (0.8%), and other industrial products. Each user spends on nonfoods in average 121.6 manat. Experts believe that after the two-fold devaluation of the manat last year most of consumers, especially people with small income, use the personal and family budget for food. Practice shows that in the conditions of uncertainty in the future people stop buying "extra" things, favoring food. --17D-
Economics
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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