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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The Eurasian Development Bank (EDB) is actively exploring the possibility of expanding its shareholder base to include neighboring countries such as Azerbaijan, Turkmenistan, and Mongolia. This was announced by EDB Chairman Nikolai Podguzov at a press conference on December 5, 2024, where he emphasized the importance of expanding the bank’s membership to foster sustainable growth.
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In 2023, the trade turnover between Azerbaijan and Turkey reached $7.5 billion, aligning with 50% of the target set by both nations, which aims for $15 billion in future bilateral trade. This milestone was shared by Barış Altıparmak, the World Turkish Business Council representative for Azerbaijan, during a meeting of the Eurasian Council of the organization in Baku.
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Azerbaijan's President Ilham Aliyev signed a decree on Thursday to establish the Nakhchivan Industrial Park in the Nakhchivan Autonomous Republic, aiming to foster competitive production and bolster entrepreneurial growth.
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SOCAR and Yokogawa Electric signed a Memorandum of Understanding (MoU) on Thursday to enhance their collaboration.
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