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 President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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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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