ING Lowers Inflation Forecast for Azerbaijan in 2024

China's trucks have begun using the Trans-Caspian International Transport Route (Middle Corridor). The first convoy of 26 trucks was loaded and dispatched on July 3 from the port of Kuryk in Kazakhstan on the "Mercury-1" ferry of the Azerbaijani sea transport fleet ASCO.

Based on the Law ratified by the Milli Majlis and approved by President Ilham Aliyev on June 21, 2024, the authority to represent the state in the implementation of the Agreement on the exploration, development, and production sharing of gold, copper, and polymetallic prospective ore deposits has been transferred to “AzerGold” CJSC. This agreement covers deposits in Gadabay, Gosha, Kharkhar, Garadagh, the Ordubad group (Piyazbashi, Agyurd, Shekerdere, Kalaki), Gizilbulag, Damirli, and Vejnali, and was signed between the Ministry of Ecology and Natural Resources of Azerbaijan and the United States' “R.V. Investment Group Services, LLC”.

As of July 1, 2024, Azerbaijan's retail price of AI-92 gasoline increased by 10 qepiks to 1.10 manats per liter, and diesel fuel rose by 20 qepiks to 1 manat per liter. The Tariff Council has pledged to reduce the price of Premium gasoline from 2 manats to 1.6 manats per liter starting July 15. Despite environmental justifications, officials emphasize that "even after the tariff changes, retail prices for AI-92 gasoline and diesel fuel remain low compared to most countries." However, the specific countries used for comparison were not disclosed.

Azerbaijani President Ilham Aliyev signed into law amendments to the 2024 state budget, aiming to support the State Program on the Great Return, strengthen defense capabilities, and enhance national security, the Ministry of Finance announced.