From July 2014 to May 2015 the foreign exchange reserves of the Central Bank of Azerbaijan decreased from $ 15 billion 193 million to $ 8 billion 387 million.
According to the report on the website of the Central Bank of Azerbaijan, the reserves have been decreasing for almost a year.
However, the sharpest drop in reserves occurred during the first four months of this year - from $ 13 billion 758 million or by 4 billion 292 million dollars (over 39%).
In the second half of 2014 the reserves declined steadily by about 1 billion monthly. Reduction in April 2015 amounted to over 1 billion 84 million.
Recall that in February, the head of the Central Bank said that the manat rate will gradually decline against the major currencies. This caused a stir and buying dollars by the population. According to the President, in a few days the population bought up a few billion dollars. In response, the authorities carried out a sharp devaluation of the national currency and the manat per day fell by 34%. -02D-
Economics
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Azerbaijani President Ilham Aliyev issued a decree on Thursday introducing amendments to several previous presidential orders concerning state administration and reconstruction services in the country’s liberated territories. These changes aim to enhance operational efficiency and clarify responsibilities for the management and restoration of these regions.
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The Ministry of Energy of Azerbaijan has begun preparations for the upcoming 11th meeting of the Southern Gas Corridor (SGC) Advisory Council and the third ministerial meeting of the Green Energy Council in Baku.
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The Cabinet of Ministers of Azerbaijan has approved a detailed list of services to be provided by the country’s Export and Investment Promotion Agency (AZPROMO), aiming to enhance support for exporters and investors in 2025. The decision was formalized under Resolution No. 11, issued on January 22, 2025.
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Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), met with Anna Bordon, head of the International Monetary Fund (IMF) mission for Azerbaijan, the Middle East, and Central Asia, on January 23 to discuss the country’s key economic priorities. The meeting emphasized a shared commitment to addressing macroeconomic challenges, implementing sound monetary policy reforms, and ensuring financial sector stability in the medium term.
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