Arriving on Tuesday in the city of Mingechevir, Ilham Aliyev made a statement on the situation of the manat. Speaking to the doctors at the local hospital, he tried to explain the reasons for the collapse of the manat. According to him, this is a consequence of negative global processes and Azerbaijan is part of the global economy. "But we have learned how to protect ourselves and negative developments have had little impact on the situation in Azerbaijan," he immediately added.
He further said that in 2006 there was a monetary reform and the manat was equated to the US dollar. "For ten years the manat strengthened against the dollar, which was the success of our economic policy, but the events in the neighboring countries and especially the sharp depreciation of their national currency could not avoid affecting us. And then there was a sharp drop in oil prices that has affected our revenues. In such a situation, the constant growth rate of the manat began to have a negative impact on our economic development. Therefore, it was decided to make the manat a bit cheaper," admitted Aliyev.
"Let no one be surprised, as I said then that the manat would rise too. Then the CBA made a statement that the rate would gradually decrease to the end of the year and this was the first signal and the people had to understand it. But people rushed to the exchangers and we saw that a massive purchase of dollars began. Every day USD 500 million was thrown into the market. If it had continued, by the year end the CBA reserves would have run out. In this situation, it was decided to reduce the rate of the manat," Aliyev said.
He further threatened speculators and unscrupulous dealers to severely punish those who artificially inflate prices in the shops. "There is a monitoring and we will strictly punish such people," he threatened.
Finally, he promised that successful economic policy will be continued in the future. -0-
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On Sunday, December 22, changeable cloudy weather is expected in Baku and the Absheron Peninsula. Drizzle is possible during the night and morning in some areas of the peninsula. Moderate southwest winds will prevail. The air temperature will be 5-8°C at night and 9-11°C during the day, according to the National Hydrometeorological Service of the Ministry of Ecology.
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Baku, often called the "Caucasian Dubai," is increasingly known for systematic violations of residents' housing rights. During urban renovations and the construction of elegant new buildings, thousands of families in Azerbaijan’s capital have been unlawfully deprived of their homes. Many, recognizing the futility of resistance, settle for inadequate monetary compensation for their irreplaceable property. A minority, placing faith in the Housing Code, demand fair compensation from construction companies but often lose everything—both their homes and any form of recompense.
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Azerbaijani team prepares to compete in three prestigious international Olympiads The preparation of young programmers representing Azerbaijan in international Olympiads continues successfully. In collaboration with Azercell, the Ministry of Science and Education, and the Institute of Education, the latest “Informatics Camp” was held at the Baku Higher Oil School.
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Last night, three earthquakes occurred along the Armenia-Azerbaijan border with magnitudes of 4.8, 3.0, and 3.8, according to the Republican Center for Seismological Service of the National Academy of Sciences of Azerbaijan. The Ministry of Emergency Situations reported no information about any destruction or casualties as a result of the earthquakes.
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