On October 5, the first currency auction was held by the Central Bank of Azerbaijan under the new rules. According to Turan, the auction, which was conducted on the basis of «Bloomberg» system, commercial banks have the right not only to buy, but also to sell foreign currency.
Under the new rules, the participants place their orders on the basis of the currency of the primary course of bidders (buyers and sellers), announced the auction organizer. The exchange rate varies depending on supply and demand. The auction ends with the policy outlined in the previous session.
The official exchange rate on the next day is determined on the basis of the average weighted exchange rate formed on the basis of contracts of commercial banks at an auction and the interbank foreign exchange market.
On the days when the foreign exchange auction will be held, the official rate of the manat will be determined on the basis of the average weighted rate determined by the commercial bank agreements in the interbank foreign exchange market. The first auction completed by the course 1USD/1,6035AZN. This rate is below t than the rate on the previous day - 1.6115 AZN. -71D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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