The February 11 auction to sell notes of the Central Bank once again did not take place due to lack of "appetite" at investors.
The bank offers short-term (maturity - 28 days) notes totaling 5 million manat. The interest rate on these securities for a long time has remained stable - 1% per annum, which is not in the interests of investors. Moreover, these securities are no longer in circulation. Experts note that this course of events pleases CBA, too.
"This policy causes increase in the money supply, as in the current economic climate there is no need to sterilize the manat. At the same time the Central Bank regulates the money market selling USD, seeking to stabilize the exchange rate USD / AZN,” a brokerage firm told Turan. ---08B
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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