In the Russian currency market there was a record collapse of the ruble today. For the first time in the history Euro exceeded 100 rubles. So, at 15:13 Moscow Time, the Euro exchange rate soared to 21.5 rubles, reaching 100.74 rubles.
The USD exchange rate at this time jumped to 80 rubles (+21 RUR).
The Russian national currency continues to fall steadily, despite the best efforts of the Central Bank to keep the exchange rate.
The ruble depreciates sharply amid falling oil prices. So, on Tuesday the price of a barrel of oil dropped to $ 59.
According to the Prime agency, the drop in oil prices continues to erode the price of shares and oil-dependent currencies. Thus, for Monday and Tuesday the ruble fell by nearly 30%. -02D-
Economics
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Azerbaijan's foreign direct investment (FDI) portfolio for the first half of the year continued to be dominated by the oil and gas sector, which attracted 80.4% of the total FDI inflow of $3 billion, according to the Central Bank of Azerbaijan. This reflects a persistent trend of reliance on energy resources, as the country plays a critical role as a key energy producer in the region.
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A Baku seminar titled "Green Building Initiative in Azerbaijan," held on September 12, spotlighted the country’s increasing focus on sustainable construction. Organized by the State Committee for Urban Planning and Architecture, in collaboration with the International Finance Corporation (IFC), the event brought together key stakeholders from both the public and private sectors, reflecting a growing national commitment to environmentally conscious building practices.
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The Central Bank of Azerbaijan (CBA) today held a briefing on the financial results for the first half of 2024, shedding light on the country’s economic health and key indicators influencing its external balance. Samir Nasirov, Director of the CBA Statistics Department, outlined the current account surplus, foreign investments, and other critical metrics during the event.
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On September 11, 2024, Azerbaijan's Economic Council, chaired by Prime Minister Ali Asadov, convened to review the draft state and consolidated budgets for 2025-2028. The meeting, dedicated to key financial and economic issues, addressed global economic trends, macroeconomic forecasts for 2024-2028, and the country’s budget policy for the coming years.
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