The fall of the manat was provoked by the commercial banks of Azerbaijan. This conclusion was made by the Central Bank of Azerbaijan, arguing that private financial institutions twice (in November and in January this year) provoked a mass conversion of accounts - from AZN mainly to USD.
According to statistics, during this period the rates of return on foreign currency deposits was more than 0.6% higher than the rates on manat deposits. In November, the gap was + 0.57% in favor of foreign currency, in January it was + 0.64%, which allegedly contributed to the activity of investors.
According to experts of Turan, CBA is misleading the public, since the motion of the finance from AZN to USD and partly EUR began because of long-term decline of stock prices of oil, as well as absence of an exchange market tied to the international specialized entities in Azerbaijan. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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