The cost of futures for Brent crude oil for February delivery fell below $31 a barrel. Oil prices started to decline after the opening of trading on the stock exchanges in China, and soon Brent dropped to $31.09. At 9:30 oil cost $30.73. Falling prices have a direct and negative impact on the economies of oil-producing countries, including Azerbaijan. Falling prices mean that manat will continue to weaken and the creeping devaluation will continue.
In Azerbaijan since Saturday actually stopped selling the dollar and euro, while the price on the black market continues to grow. After the devaluation on 21 December manat has fallen in price in ratio to the American and European currencies by 80 - 100%.
The price of oil in the state budget of Azerbaijan is around $50 dollars. -02D-
Economics
-
President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
-
Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
-
Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
-
The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
Leave a review