On the foreign exchange auction of the Central Bank on October 18 the consolidation of AZN stopped.
The auction began with a course of 1.5969 manats per 1 US dollar, and ended at the level of 1.5999 AZN.
After several large foreign exchange interventions of the Central Bank and the State Oil Fund the rising of USD against AZN, observed the whole summer was suspended on September 9 at the 1 USD / 1.6403 AZN level. During September and the first half of October AZN slightly strengthened.
Experts warned of a new wave of price hike for the US currency by the end of the year, during the execution of the external liabilities by banks and companies. -71D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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