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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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