In comparison with the first quarter last year, cash decreased by the equivalent of 2 billion 361.7 million AZN (it was 7 billion 396.6 million and became 5 billion 34.9 million AZN).
At the same time, according to the Central Bank of Azerbaijan, in comparison with the beginning of 2016, there has been a slight increase in this indicator - by 1 January in circulation was 4 billion 775.9 million AZN.
The total money supply decreased over the year - by 1 April it was equal to 8 billion 943 million manats, while last year by the same date it was 12 billion 493.3 million manats, although again there is growth in the first quarter - by January 1 it amounted to 8 billion 678.3 million AZN.
These segments of the financial markets have been narrowed as a result of the double devaluation of February 21 and December 21 last year, after which the government's credibility fell, and most of the money was withdrawn abroad. Moreover, investors urgently turned their manats into dollars and the crisis of payments and bank liquidity began. --17D-
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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