Residents of Azerbaijan may have to pay off more credit than bargained for

Residents of Azerbaijan may have to pay off more credit than bargained for Vuqar Bayramov: “2.5 million citizens have bank debt, or approximately one fourth of the country’s population”. The Constitutional Court of Azerbaijan has delivered a verdict concerning a disagreement between borrowers and banks on how to pay off dollar-denominated loans – according to the old exchange rate or the new one. The Court verdict stated that the public will... Read More

The Azerbaijani manat’s devaluation: what are next steps?

The Azerbaijani manat’s devaluation: what are next steps? On December 21, the Central Bank of Azerbaijan abandoned its dollar peg, allowing Azerbaijani Manat (AZN) to nose-dive by almost a half. After the Central Bank relinquishing control of its exchange rate, the quoted exchange rate was announced 1.55 against US dollar. It is the Azerbaijani Manat’s weakest record over the last 20 years. Azerbaijan – an economy rich in energy in the post-Soviet... Read More

ADB: New Devaluation Is Possible in Azerbaijan

ADB: New Devaluation Is Possible in Azerbaijan The Asian Development Bank (ADB) has published today an update to its report Asian Development Outlook (ADO 2015 update), sharply reduced the projected surplus of current account of Azerbaijan’s balance of payments. According to ADO 2015 update, the forecast of Azerbaijan’s surplus for 2015 was reduced from 12% to 6% of GDP and in 2016 from 13.4% to 8% of GDP. At the same time the Bank has kept the... Read More