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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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
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Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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