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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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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