At present, work is underway to move to a fully floating exchange rate of AZN, the head of the Central Bank of Azerbaijan Elman Rustamov told reporters.
According to him, in the nearest future the Central Bank will announce the public its program on the transition.
He noted that the transition to a fully floating exchange rate of the national currency requires close coordination and decision on macroeconomic and structural problems.
“From the beginning of the year, we have already switched to a floating rate, and since February the Central Bank has not offered its money at auction. However, in the market there is a great imbalance between supply and demand,” he said.
Referring to the presence of the black currency market, Rustamov said the people will see results in the fight against this phenomenon in the near future. According to him, the Central Bank, the Financial Markets Supervision House and law enforcement agencies are working seriously. ------71D
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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