During 11 months the international reserves (ICR) of the Central Bank of Azerbaijan reduced by $ 7,353,310,000, or 40.49%. By June 15, the reserves totaled $ 10,429,630,000 against $ 17,782,940,000 in August 2014, when the ICR was marked by a peak. Only from May 15 to June 15, the ICR declined $ 151.9 million.
We can say that a decisive role was played by two-fold drop in oil prices, as the main source of foreign exchange inflows, and then the devaluation of the manat on February 21 this year. A month before it on 15 January to 15 February was a sharp reduction in the ICR - by $ 1.7 billion.
And after it, compared with mid-May, the ICR decreased 29% or $ 2.8 billion. International (gold and foreign exchange) reserves of the state are those external assets that are available to and controlled by monetary authorities to meet the regulatory requirements for financing balance of payments deficits, interventions in the foreign exchange markets to influence the exchange rate and other related purposes (such as maintaining confidence in the national currency and the economy and as a basis for foreign borrowing). Reserve assets must be foreign currency assets and really existing ones. International reserves include only the highest quality assets. -0-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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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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