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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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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