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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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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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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