The Central Bank of Azerbaijan (CBA) announced the official exchange rates on March 11th. Thus, the exchange rate USD/AZN was set at 1.6456. Compared to March 10 fell by 0,014 manat manat, or by more than one gepik. In early March $1 was worth 1.5687 manat. Thus, over a week and a half manat fell by almost 8 gepik, or almost 5%. Earlier, the authorities explained depreciation of the national currency by falling oil prices, calling it a "floating rate". Now, against the background of the oil price increase power does not explain why AZN continues to "sink". -06D-
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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