Devaluation of Azerbaijani National Currency; Causes and Consequences

Devaluation of Azerbaijani National Currency; Causes and Consequences Starting from February 21st, 2015, the official exchange rate of the dollar to the manat, Azerbaijani national currency, has been set at 1.05 manat, which is 33.86 percent more than the exchange rate set before the beginning of the weakening process of the rate. Azerbaijani national currency has been depreciated against US dollar the first time since 2006. Central Bank of Azerbaijan has had face an dilemma... Read More

Expert: Azerbaijan will pay AZN 10 000 for the birth of girls

Expert: Azerbaijan will pay AZN 10 000 for the birth of girls “It’s not such a big sum for the budget.” Azerbaijan to introduce a new system to encourage girls’ parents. Oxu.Az reports with reference to 1news.az that the statement came from the chairman of the Center for Economic and Social Development Vugar Bayramov. According to him, if any family has the second girl, an account with AZN 10 000 will be opened on her name. “Incentive system is... Read More

Vugar Bayramov: “In 2015, Inflation Projected at 10%”

Vugar Bayramov: “In 2015, Inflation Projected at 10%” The Central Bank of Azerbaijan on Monday decided to cancel binding AZN to the US dollar and the transition to the two-currency basket with dollar and euro in determining the rate of the national currency. This led to panic and hype among the population and queues of people wanting to change manat for dollars appeared at bank exchange points. The expectations of what will happen to manat in the future, the currency... Read More

Azerbaijani Nominal GDP Declined by 18.0 %

Azerbaijani Nominal GDP Declined by 18.0 % Azerbaijan’s nominal GDP in the first month of 2015 fell by 30.6% against December 2014 and by 17.9% against January 2014. The State Statistics Committee reports that in January 2015 Azerbaijan’s GDP totaled AZN 3.631 billion ($ 4.629 billion) that in comparable prices is by 4.4% more than GDP for January 2014 (AZN 4.423 billion), that is nominal GDP fell by 17.9%. The real non-oil GDP grew by 5.5% in January and oil GDP increased... Read More

Cooperation in energy and security: partnership based on mutual interests

Cooperation in energy and security: partnership based on mutual interests Dr. Vugar Bayramov, Chairman of CESD, Azerbaijan had speech at the Azerbaijani Parliament on Energy Cooperation between Azerbaijan and USA which titled as “Cooperation in energy and security: partnership based on mutual interests” on February 14, 2015. The whole speech of Dr. Bayramov was as following; (Download Full Speech Here) “Dear Ladies and Gentlemen and Dear Members of Parliament This week... Read More

New economic window for Baku-Ankara cooperation

New economic window for Baku-Ankara cooperation The energy cooperation is one of the core issues in bilateral relations of Azerbaijan and Turkey. The implementation of joint energy projects, such as TANAP, Baku-Tbilisi-Kars railway project is highly important in this regard. Turkey’s high-ranking official put an end to rumors in Baku that Turkish Stream, Ankara’s joint project with Moscow, will compete with TANAP, Azerbaijan’s brainchild project. During his one day visit... Read More

Azerbaijan’s banks’ total loss exceeded total profit first time in the last decade

Azerbaijan’s banks’ total loss exceeded total profit first time in the last decade Azerbaijan’s banks’ total loss exceeded total profit in 2014, the first time in the last decade. Central Bank of Azerbaijan Republic has reported that banks’ loss reached 373.66 million manat ($ 479.05 million US) last year since total lost was only 171.31 million manat ($ 219.6 million US) in 2013. The total profit of the banks were 370.54 million manat ($ 475.05 million US) in 2014.... Read More

Central Bank Lost its currency reserves by 8.0 % in January 2015

Central Bank Lost its currency reserves by 8.0 % in January 2015 Caused by oil price decline in the world market, Central Bank’s intervention costs have decreased since August 2014 in Azerbaijan- Center for Economic and Social Development (CESD) reports. Central Bank Azerbaijan Republic’s (CBAR) currency reserves haven declined to $ 12.681 billion US since the world oil price dropped. CBAR’s currency reserves have decreased by around $ 4.0 billion US since oil price dropped.... Read More

Sharp Decline in Azerbaijani Oil Income in January 2015

Sharp Decline in Azerbaijani Oil Income in January 2015 Azerbaijan exported 1 million 697 thousand 768 tones crude oil through Baku-Tbilisi-Ceyhan (BTC) pipeline in January, 2015: according to the CESD report based on State Oil Company of Azerbaijan Republic’s (SOCAR) official figures. Meanwhile, the country exported 169, 507 thousand tones crude oil through Baku Novorosiysk and 254, 107 thousand tones via Baku Supsa pipelines in the indicated period. 2,122 million tones oil... Read More

Azerbaijan’s Rating was Downgraded to Negative from Stable

Azerbaijan’s Rating was Downgraded to Negative from Stable Standard & Poor’s Ratings Services has revised its outlook on Azerbaijan to negative from stable on January 31, 2015. At the same time it affirmed the ’BBB-/A-3’ long- and short-term sovereign credit ratings on Azerbaijan. S&P reports that the outlook revision reflects its view that Azerbaijan’s government might draw down its currently substantial fiscal buffers or accumulate general government debt... Read More