As expected, the rate of national currency against the US dollar exceeded the "psychological barrier" of 1.05 manat, established on February 21 (the day of the first wave of devaluation).
The Central Bank decided this morning on the official exchange rate of 1.0501 manat (until Friday, 6 November, it was no more than 1.0498 manat). According to experts of Turan, so the CBA is "softly" preparing the population for a second wave of devaluation of the manat, but does not do it immediately, as it was in February, which caused a stir in the financial market, including the banking sector, but in stages.
It is noteworthy that the euro did not fall against the dollar today, but the Central Bank lowered its 1.1424 AZN of 6 November to 1.1281 manat today. Though the structure of the currency basket is not made public, it is necessary to do calculations on the currency, in which mutual settlement operations are conducted on the bilateral trade turnover. The foreign currency investments of the State Oil Fund (SOFAZ) are also accumulated in USD by a half. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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