CBA identified the official dollar exchange rate on May 20 at the level 1.4987 manats. Thus, for the first time after the second devaluation of December 21, 2015 the dollar fell below the psychological mark of 1.50 manat. -06D-
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Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold $ 48.4 million. According to SOFAZ, in April it exposed not $ 100 million as before, but half the amount.
The last auction was attended by 8 banks, including the Central Bank itself, which bought $ 7 million. In general, in May, SOFAZ has sold about $ 282 million.
According to the Fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency sale by the Fund is carried out in the framework of transfers to the state budget, for which 7 billion 615 million has been allocated this year. By January 1, SOFAZ assets amounted to $ 33.57 billion (minus 9.5% to early 2015). --17D-
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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