The local banking system has provided additional liquidity of assets for 100 million manat. This was made possible by reducing the reserve requirements on deposits by Central Bank from 2% to 0.5%, the decision about which was made in late February against the background of the devaluation of the national currency.
According to the report of the main financial regulator, the Central Bank "holds the key" to problems that may be encountered by banks, and, if necessary, it is ready to assist them.
Recall, the Central Bank devalued the manat on February 21, after which it fell against the dollar by 33.45% - to 1.05 manat / $ 1 against 0.7862 manat / $ 1 on February 20. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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