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
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review