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Armenian Aggression

CBA unveils amount of foreign currency sold to local banks

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The Central Bank of Azerbaijan (CBA) sold $66.4 million to the local banks at the foreign exchange auction held with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on January 19, 2021, Trend reports citing the country's CBA.

The demand from banks at the auction decreased by 33.7 percent compared to the previous indicator and was fully met.

At the end of the auction, the weighted average rate of the manat to the dollar amounted to 1.7 AZN/USD.

Earlier the CBA reported that the expectations formed in recent days amid the unfounded news in the press and social networks about the fall of the Azerbaijani manat rate caused a certain demand in the cash currency market, which affected the relative growth of demand at foreign exchange auctions.

However, opinions about the fall of the Azerbaijani manat rate are unfounded, given the rise in oil prices compared to 2020, the adoption of positive decisions on oil production at the recent OPEC + meeting, the launch of vaccination programs against the COVID-19 virus worldwide, and huge transfers from the State Oil Fund of Azerbaijan.

The first foreign exchange auction for a long time was held with the participation of SOFAZ on March 10, 2020, during which Azerbaijani banks purchased $323.2 million.

The CBA began to conduct currency auctions through a one-way sale of currency in a competitive environment from mid-January 2017.

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Armenian Aggression

Azerbaijan to hold new auction for public property facilities

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The State Service on Property Issues under the Azerbaijani Ministry of Economy will hold a new auction on March 30, 2021, Trend reports referring to the ministry.

According to the ministry, 101 public property facilities, including 25 small enterprises and facilities, 36 vehicles, and 40 state share packages of joint-stock companies will be put up for the auction.

The service said that those wishing to participate in such auctions can not only place an electronic order for the selected object of the service but also join the online auction.

Interested participants can visit the Space for the provision of property services of the State Property Service of Azerbaijan on the day of the auction, as well as observe it without registration online.

All those wishing to partake in the auction on the official website of the service (emlak.gov.az) or on the privatization.az portal must, after registering, pay a deposit of 10 percent of the initial auction price of the object, thereby obtaining the status of the customer. On the day of the auction, bidding can be joined by selecting the section ‘Electronic auction’ on the e-services portal (e-emdk.gov.az).

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Armenian Aggression

Azerbaijani Azerenerji reconstructing country’s second largest HPP

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Azerbaijan’s Azerenerji OJSC continues measures to eliminate the dangerous situation that has arisen in the reservoir of Shamkir hydroelectric power station, the second largest hydroelectric power plant in the country, Trend reports citing Azerenerji OJSC.

"In order to eliminate the emergency situation, repair work on this reservoir began in 2020, which is carried out by a local company together with experts from Azerenerji OJSC. Work is underway on the reconstruction, concreting, and repair of the reservoir. To date, 90 percent of the work has been completed. Reconstruction of the facility is planned to be completed in April 2021,” said the message.

“In particular, repair and restoration work was carried out at the hydraulic units of the Shamkir HPP, a major overhaul of a block autotransformer with a capacity of 330 kilovolts was carried out. Thus, the "lost" power is restored, the durability and reliability of the installation are increased. The reconstruction of the open switchgear of the Shamkir HPP and the SCADA dispatch control system is also underway,” said the company.

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Armenian Aggression

Turkish president approves one more agreement with Azerbaijan

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Turkish President Recep Tayyip Erdogan has approved the ‘Preferential Trade Agreement between the Government of Azerbaijan and the Government of Turkey’, Trend reports.

The agreement has entered into force.

The document was signed in Baku on February 25, 2020.

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