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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 has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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