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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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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