Any new devaluation of the manat is not expected until 2019, experts of Standard & Poor`s believe, referring to the February drop in the national currency, when the Central Bank of AR took an unexpected knock decision on the 33.5 % loss in AZN compared with the dollar and the euro.
The local currency is largely tied to the US dollar due to the sale of hydrocarbons on the world markets, while to the euro it is not tied, despite the fact that the Central Bank has announced the transition to the regime of targeting the currency basket dollar-euro. The agency experts believe that the devaluation of the manat has led to a sharp reduction in foreign exchange reserves of the Central Bank.
Recall that the currency reserves by June 30 amounted to $ 8 billion 520.2 million (minus 38.07% as of 1 January). Partial growth of this segment started in May and June - 0.51% and 1.06%, respectively. --17D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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