Over the five months of this year annual inflation was 3.4%. The statement of the Central Bank of Azerbaijan on main directions of monetary and financial stability in 2015 reads that annual inflation was projected at the level of 2-3%. According to the SSC, since the beginning of the year, food prices in comparison with January-May 2014 increased on average by 5.2%. Non-food products rose by 2.7%, services to the population - 1.4%.
In 2013 and 2014 inflation in Azerbaijan made up 2.4% and 1.4%, respectively. The official forecast for this year does not exceed 3%, while international financial institutions expect higher inflation rates. For example, the International Monetary Fund raised its inflation forecast for this year to 8.5%. The government, as a rule, does not revise forward-looking indicators.
Inflation accelerated in Azerbaijan after the administrative devaluation since February 21 this year, when the lost purchasing power of the manat to the US dollar by about 34%. --08B—
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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