Independent Experts on Factors of Double-Digit Inflation

In Azerbaijan, despite protective labor laws and international commitments, many service sector workers report enduring workdays of 10 to 11 hours, significantly exceeding the legal limits. This issue surfaces amidst broader discussions of labor rights on International Labor Day.

The Central Bank of Azerbaijan (CBA) has reported a normalization in the foreign exchange market following a significant spike in demand earlier in the year. This update was provided by the Chairman of the CBA, Taleh Kazimov, during a press conference on May 1.

On May 1, Azerbaijani Economy Minister Mikail Jabbarov embarked on a two-day visit to Uzbekistan, aiming to strengthen regional ties and explore new economic opportunities. The visit is set to include a series of high-level meetings, including a trilateral discussion with his counterparts from Kazakhstan and Uzbekistan.

The Central Bank of Azerbaijan (CBA) has revised its inflation forecast downward for 2024, citing a balanced mix of rising and falling inflationary risks and a favorable external economic environment. The revised forecast now stands at 3.5% for 2024, a reduction from previous expectations, and remains at 4.2% for 2025.