Azerbaijani Central Bank said that the decision of the Federal Reserve System (FRS) of the USA to raise the discount rate will not have effects on our currency market. However, in practice, we see that after the Fed's decision there is re-dollar deficit in Azerbaijan.
This was written by the economist Vugar Bayramov on his Facebook page.
He noted that the dollar exchange rate on the black foreign exchange market after the Fed decision rose from 1.83 to 1.90 manat.
"Due to the fact that most commercial banks have stopped selling currency, the exchange rate, they show, cannot be real," stressed the economist.
According to him, the elimination of the black market must be accompanied by a full, uninterrupted selling of US currency by banks.
"After the decision of the Federal Reserve, as well as on the background of devaluation of the manat, the Central Bank is to achieve full recovery of sales of foreign exchange by commercial banks. Otherwise the dollar deficit will increase psychological pressure on the manat," said Bayramov. ---71D
Economics
-
Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
-
The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
-
Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
-
In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
Leave a review