By January 1, a joint amount of cash in circulation amounted to 4 billion 775.9 million manat. According to the Central Bank of Azerbaijan, it means the decline in index of 2.1 times a year - at the same level in December, a decrease by 7.8%. In general, by the beginning of the year the total money supply, including cash, time deposits, demand deposits and deposits stood at 21 billion 318.6 million AZN. At the same time deposits in foreign currency for the year increased by 3.1 times, and in December - by 51.4% - up to 12 billion 705.5 million manat, amounting to 60% of the total money supply. According to experts, the prevalence of foreign currency deposits is connected with the two waves of devaluation - 21 February and 21 December, which led to the absolute loss of the manat to the US dollar. --17D-
Economics
-
Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
-
S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
-
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.
-
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.
Leave a review