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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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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