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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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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