Since early this year SOFAZ has become an active player at the local market of currency auctions. Its role was support of the national currency manat, which rate has lost its previous stability, because of lack of funds in the Central Bank.
At the end of June Oil Fund sold $50 million a day at the auctions organized by the Central Bank. As a result $450 million of “oil currency” has been sold in June.
According to Interfax-Azerbaijan, since early year Oil Fund spent $2,436,900,000 for this purpose. During quarter 1, 2016 currency to the amount of $1,253,000,000 has been sold and during quarter 2, 2016 – to the amount of $1,183,900,000.—0—
Economics
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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
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Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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