The Azerbaijani Central Bank established rate of the manat to the US dollar at the rate 22/1.5074, CBA reports. A day earlier the rate was at the level 1.51.
The rate of manat continues to strengthen against the background of the oil price increase (Brent), which today has grown by $3 from $43 to $46 dollars per barrel.--02D-
* * *
2016 April 21 (Thursday) 13:45:51
Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold $ 2.9 million.
According to SOFAZ, it had earlier exhibited $ 100 million for sale, but in the last four trading session it exhibited half the amount.
Eight banks took part in the last two auctions, though earlier the number of buyers was 20 or more credit and financial institutions. In general, for two and a half weeks, SOFAZ sold more than $ 223 million.
According to the Fund management, the sale of foreign currency will continue during 2016.
Implementation of foreign currency sale is carried out by thwe Fund in the framework of the state budget transfers, for which $ 7 billion 615 million AZN has been allocated this year. By January 1, SOFAZ assets amounted to $ 33.57 billion (minus 9.5% to early 2015). --17D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review