From December 21 the manat depreciated against the dollar and the euro by nearly half.
On Monday, the official exchange rate of the US dollar amounted to 1,550 manat, which is 47.63% more than on 18 December.
The euro increased by 47.88% or AZN 0.5456 to AZN 1.6850.
CBA announced the transition to a floating exchange rate of the manat. These measures are motivated by a sharp drop in oil prices and the processes in the "global economy", the need to balance the payments, save foreign exchange reserves of the country and the international competitiveness of the national economy.
From now on, the rate of the manat will be formed primarily in accordance with the fundamental determinants of supply and demand in the foreign exchange market. Participation of CBA in the foreign exchange market will be in accordance with the present regime. At the same time, to ensure the safety of bank deposits and other deposits comprehensive measures will be taken for the financial stability of banks, increasing their liquidity, improving deposit insurance system," CBA stated. -06D--
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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