The slight strengthening of AZN in September (the rate as of August 31 was $ 1 to AZN 1.6321, as of September 30 - $ 1 to AZN 1.6211) reduced foreign exchange reserves of the Central Bank of Azerbaijan (CBA) by $ 59.8 million, or 1. 43%.
According to the statistics of the Central Bank on its official website, as of 1 October they accounted for $ 4 billion 132.7 million (minus 17.6%, or the equivalent of 884 million AZN as of 1 January).
The reduction of foreign exchange reserves gained momentum from July to December 2014. With decrease in the exchange price of oil, currency was exported abroad, while local deposits were transferred mostly to US dollars and partly to Euros. Since the beginning of the first wave of devaluation on February 21 last year, the reserves fell from $ 14.3 billion to $ 4.3 billion by January 1, 2016.
From March to August, there was a small inflow of foreign currency (+ 6%) to CBA that released the manat to "free floating", but in September there was a decline again associated with intervention to prevent the fall of the national currency. --17D-
Economics
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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