The Central Bank of Azerbaijan manat strengthened by 0.14%. The official dollar exchange rate on October 5 will be 1,6115AZN. The rate for 4 October was 1,6138AZN.
After the summer rise in price of the dollar, the government began to restrain the national currency from falling. Starting in September, the Central Bank periodically strengthens manats.
On September 9, the dollar reached 1,6403AZN, then Central Bank and the State Oil Fund implemented several large foreign exchange interventions.
However, experts believe that in November and December due to the payment of external debts of companies and banks the demand on foreign currency will increase. -71D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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