The President of the Central Bank of Azerbaijan Elman Rustamov said that the national currency manat adapted to an oil price of $ 45-55 per barrel.
Speaking at the discussion in the parliamentary committees over the draft state budget of Azerbaijan for 2017, he said that if the oil price increases or decreases by $ 10 compared with the same interval, the incomes of the population, respectively, will increase or decrease by 1.7 billion AZN.
At the same time the country's chief banker said that the return to the old economic model based on the oil factor will not take place. He stressed as a priority to achieve stabilization and, according to him, the growth of people's income is the ultimate goal for the state.
Rustamov said the serious discussion is underway in the Financial Stability Board, and work is proceeding on the transition to a new economic development model, which will cover structural and social reforms, and ensure macroeconomic stability. -----71D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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