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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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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Climate change poses a serious risk to global economic and financial stability, said Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), at the event titled "Global Financial System: Scaling Up Climate Action Financing" held as part of COP29.
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Azerbaijan's banking sector has unveiled a comprehensive set of initiatives aimed at bolstering sustainable development, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev outlined the plans during the second panel of the "Global Financial System: Expanding Climate Finance" event.
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Azerbaijan remains steadfast in its commitment to developing a sustainable green economy, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at the COP29 event on Thursday titled “Global Financial System: Scaling Up Finance for Climate Action,” Kazimov emphasized the country's strategic focus on green development as part of its broader socio-economic agenda for 2030.
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