Does decline of oil price cause Azerbaijani national currency depreciation?

Does decline of oil price cause Azerbaijani national currency depreciation? Azerbaijani national currency, manat, will keep a stable rate against US dollar in the short term, the chairman of the Center for Economic and Social Development (CESD), well-know economist Vugar Bayramov said. In the medium and long term, then, according to Bayramov, here is difficult to predict manat’s rate since It will depend on the world oil market. “Despite the... Read More

Baku, the capital city, accounts for 93% of deposits of population

Baku, the capital city, accounts for 93% of deposits of population By results of 2012 Baku again became a leader in attraction of deposits by the banks.  According to a report of the Central Bank of Azerbaijan, the volume of banking deposits in the capital city as of 1 January 2013 made AZN 4,754,300,000 at the average rate of annual 8.5%. Deposits in national currency made  AZN 2,693,100,000 as of the beginning of the year in Baku, average rate-7.8%,... Read More

$ 1,5 billion Sterilization in Azerbaijan

$ 1,5 billion Sterilization in Azerbaijan “The Central Bank of Azerbaijan (CBA) has been keeping regulatory monetary policy to intervene in the market in order to keep the exchange rate of manat, national currency, for more than the decade.  CBA held currency sterilization in the amount of USD 1,584 billion in 2012 and manat against USD consolidated by 0.19%. The stability of the manat monthly cost of 135 million dollars. In this regard, the crucial... Read More

Tracking the Discount Rate Cut in Azerbaijan

Tracking the Discount Rate Cut in Azerbaijan The Central Bank has lowered its discount rate from 5.00% to 4.75 % starting this week. According to the Central Bank, taking into account the optimal level of inflation, this step will lead to a decrease in inflation rates and thereby support economic growth in non-oil sectors.  The bank said that the targeted inflation rate would maintain currency stability and increase the money supply appropriately.... Read More

Banks increase rates on deposits in manats

Banks increase rates on deposits in manats On 1 August, the average interest rate on deposits and deposits in national currency – manat in Azerbaijani banks amounted to 10.36% against 10.33% on July 1, 10.26% on January 1, and 10.69% on August 1, 2011 year. According to the Central Bank of Azerbaijan (CBA), the average rate on bank deposits in foreign currencies amounted to 10.77%, while on 1 July the rate was 10.79%,on 1 January –... Read More

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