An expanded meeting of the Central Bank of Azerbaijan dedicated to the results of 2016 was held. Speaking at a meeting, the head of the Central Bank Elman Rustamov noted the impact of oil prices on the current transaction account, the main role of the movement of capital and finance in the payment balance deficit and the work on the liberalization of the exchange rate.
The head of the Central Bank stressed that the liberalization of the exchange rate in the current economic environment has become an objective reality.
In his opinion, this is an important step to enhance strategic stability of foreign currency reserves, to effectively protect against the negative effects of the global economy on the country's economy, to enhance mobility of the monetary policy and macroeconomic efficiency. ----71D
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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