By April 1, the monetary base (6 billion 535.8 million manats) of Azerbaijan formally expanded, reaching the level of the end of the first half of 2011 (6 billion 497.7 million manats) and was even a little higher than this, the website of the Central Bank of Azerbaijan reported.
However, the two-time devaluation of February 21 and December 21 last year, double "dropped" the national currency, so the monetary base should be nominally cut back by the same factor.
The growth a month earlier was 147.3 million and as of February 1 - 451,600,000 manats, but by the beginning of the year this figure narrowed to 366 million manats, and the losses, according to analysts, could be compensated only by the second half-year.
Recall, according to the CBA, the monetary base fell a record on September 1, 2014 (11 billion 743.6 million AZN), after which it steadily declined during the fall of stock prices. --17D-
Economics
-
Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
-
Azerbaijan's State Statistics Committee announced on Tuesday that the monthly statistical reporting system for retail sales and services has been revised to enhance transparency and accuracy.
-
The State Oil Company of Azerbaijan (SOCAR) is examining opportunities in geothermal energy in partnership with U.S. companies as part of Azerbaijan's efforts to advance renewable energy. SOCAR President Rovshan Najaf and John Wallace, CEO of DeGolyer and MacNaughton, met in Baku to discuss initiatives including geothermal energy projects and carbon capture, utilization, and storage (CCUS) technologies, SOCAR announced on Tuesday.
-
On Tuesday, the Turan E-Commerce and Export Forum in Baku unveiled the new "Made in Turan" trademark, marking a bold step toward uniting the economic potential of Turkic states under a single label. This initiative aims to stimulate trade and strengthen economic ties among the member states of the Organization of Turkic States (OTS).
Leave a review