On 5-7 March the Central Bank lowered the exchange rate of the manat to the US dollar to 1.6105 manat, said the CBA. Today the rate of dollar was 1,6019 manat. Thus, during the day manat depreciated against the dollar by 0.86 gepik. Since the beginning of the week manat fell by five gepik, that is more than 3%. -06D-
2016 March 04 (Friday) 14:15:30
In today's auction for the sale of foreign currency, organized by the Central Bank of Azerbaijan, the main regulator did not participate.
According to the Azerbaijani State Oil Fund (SOFAZ), it allocated funds in the amount of $ 100 million.
In total, the auction was participated by 26 commercial banks, which bought the entire declared amount.
SOFAZ sells foreign currency within the approved transfers to the state budget at the level of 7 billion 615 million AZN. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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