As of August 1, foreign exchange reserves of the Central Bank of Azerbaijan Republic (CBA) totaled $ 8.5 billion (minus $ 18.7 million to July 1). According to the report of the main financial regulator, for 7 months this segment of stability decreased $ 5.26 billion or 38.2%.
The most massive reduction in foreign exchange reserves accounted for December 2014 and March 2015, when amid falling stock prices of oil the dollarization of deposits increased. Recall that this trend has recently been voiced by CEO of CBA Elman Rustamov, speaking with an interview on the official television channel of the country. He believes that this trend will continue. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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