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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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