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
-
Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
-
Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
-
Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
-
In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
Leave a review