The exchange rate policy of the Central Bank of AR has been the subject of today's discussion at the plenary session of the Parliament.
Member of the Parliamentary Committee on Economic Policy, MP Vahid Akhmedov said that there are grounds for criticism. "So, from January 15 to April 1, currency reserves fell from $ 15 to $ 9 billion. The main financial regulator must exercise a soft, less tangible devaluation of the manat to avoid undermining the confidence of depositors. Otherwise, it will create serious problems for him and for the local economy as a whole," he said.
According to him, soon reserves of CBA can dry out if it does not reconsider its own exchange rate policy.
Recall the first wave of devaluation of the manat, announced on February 21, it weakened against the US dollar by 33.5% (1.05 manat to $ 1 against 0.7862 manat to $ 1 on February 20).
Today the ratio of the official exchange rate of manat to the US dollar is 1.0514 to $ 1. --17D-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review