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Bakı/06.12.21/Turan: Turkey's lira weakened past 13.7 against the USD, not far from a record low of 13.9 hit last Friday, amid growing concerns over the central bank's monetary policy direction.
According to the message tradingeconomics.com, policymakers are seen cutting interest rates again this month as President Tayyip Erdogan has been calling for lower borrowing costs to support growth, despite soaring inflation.
Data last week showed Turkey's consumer price inflation rate rose more than expected to 21.31% in November, well above the central bank's mid-point target of 5%, while producer prices rose the most in 19 years.
The lira has lost some 46% of its value against the greenback so far this year following Erdogan’s aggressive rate-cutting policy and concerns over the central bank's depleted reserves, which already prompted rating agency Fitch to revise Turkey's outlook to negative.-0-
Economics
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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