Elman Rustamov Assures Third Devaluation Not to Happen
The head of the Central Bank (CBA) Elman Rustamov reiterated that new devaluation in Azerbaijan will not happen.
"The manat has become stronger to foreign currencies in recent days. Furthermore, the budget includes a real oil price ($ 25). The price of oil is low, but stable. After the transition to a floating AZN exchange rate, there is no problem. Therefore, for any third devaluation there is no reason," Rustamov said in an interview with reporters.
Recall that on the eve of the two previous devaluations Rustamov also refuted the upcoming depreciation of the national currency, assuring that the situation is under control. However, in 2015 the manat fell twofold to the US dollar. -02D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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