The Central Bank's February decision to reduce reserve requirements on deposits from 2 to 0.5%, taken after the devaluation of the manat on Feb. 21, brought the banking system further 226 million manat.
According to the CBA review of the monetary policy in the first quarter, it has freed up a considerable part of the funds and sent them to the expansion of the loan portfolio and the solution of the problems.
Recall CBA devalued the manat on February 21 by tying the national currency to the currency basket (US dollar - euro). If the exchange rate of manat stood at 0.7862 AZN to $1 on February 20, the day later the course was at 1.05 manat to $ 1 (minus 33.45%). --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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