In exchange offices from February 16, there is a shortage of currency, mainly US dollars. In the wake of the CBA introduction of the currency basket a surge of financial crisis has been triggered at the household level.
According to the observations of Turan, small banks are also experiencing difficulties, even with cash manat. CBA has yet remained silent on the background of activation of depositors transforming financial savings during the devaluation of the national currency into US dollars or, less, into euros. For this reason, banks have been forced to violate the regulations on foreign exchange exposure, and some banks have even launched a campaign to attract USD deposits at high interest rates, which is contrary to the CBA instructions. Bankers are not stopped even by possible penalties from the regulator.
In response to the CBA decision to move to two-currency basket the banking market has decided to hold dollars in anticipation of further devaluation of the manat. The second day in a row manat has become cheaper by 0.05 kopecks. --17D-
Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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