In July the reserves of the Central Bank of Azerbaijan decreased by 121 million manat, or 2.8%. On July 29 the Central Bank reserves amounted to 4 billion 162.9 million manat, while at 30 June, the figure was 4 billion 283.9 million mantas, Statistical data have been published on the Central Bank website.
Compared with the same period of 2015, the Central Bank reserves decreased to 4 billion 338.6 million AZN, or 51%. Meanwhile, the rate of manat continues to depreciate against the dollar.
So, the official exchange rate USD/AZN at the CBA was announced at the level of 1.5883 on 2 August. In the beginning of August the rate of dollar to manat was 1.5851. -06D—
Economics
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The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
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Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved the application form specified in Article 30.1 of the Competition Code. This decision aims to align with the President’s decree No. 1051-VIQ dated December 2, 2023, and address regulatory requirements related to the implementation of the Competition Code.
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Azerbaijani President Ilham Aliyev has issued a decree amending the Land Code of the Republic of Azerbaijan, effective January 2025. The legislative adjustments aim to refine the management and use of agricultural land and enhance regulatory processes.
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