On 1 April 2015 the average salary increased by 1.1% to AZN 449.5 against AZN 444.5 as of March 1. On February 1, on the eve of the devaluation, the average salary amounted to 444.4 manat.
However, in dollar terms, after the 33% devaluation, the average salary decreased about 27.7% and the loss amounted to 123 manat. Before the devaluation the rate was USD 1 = 0.782 AZN. In addition, the purchasing power of the manat dropped due to the rise in import prices, especially for non-food, primarily for office equipment, which recorded growth of about 30%. -0-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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