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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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