finances in Caucasus

Azerbaijan's minimum wage increased to 130 manat

Azerbaijani President Ilham Aliyev has signed an order to increase the minimum wage. The decree stipulates that the minimum wage is set at 130 manat ($76.47) from January 1, 2018.  The Cabinet of …

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 IMF gives Georgia budget 2018 recommendations

The International Monetary Fund recommended the Georgian government to reduce capital spending, including in wages of officials. According to the First Review of the Extended Arrangement under the Extended Fund Facility for …

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IMF Regional Director holds talks in Georgia

Today, Deputy Prime Minister of Georgia, Finance Minister Dmitry Kumsishvili is holding a meeting with the IMF Director of the Middle East and Central Asia Department, Jihad Azour. The leaders discuss ‘’the fund's …

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 Lari rate stabilizes, Dmitry Kumsishvili says

First Deputy Prime Minister, Finance Minister of Georgia Dmitry Kumsishvili assured the residents of the country that the depreciation of the national currency was a temporary phenomenon. According to him, stabilization is observed now. …

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IMF Regional Director to visit Baku on September 13

The IMF Director of the Middle East and Central Asia department, which includes Azerbaijan, Jihad Azour will pay a one-day visit to Baku on September 13. Azour’s first visit to Azerbaijan will be of a awareness-raising nature, the …

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EBRD president due in Azerbaijan

President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti will visit Azerbaijan on Sept. 7-8, the EBRD head office told Trend Sept. 5, Trend reports. “This visit underlines EBRD’s commitment …

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Armenia continues to lose money - media

The capital outflow from Armenia amounted to $356,683,000 in Jan-May 2017, which is more than that of the same period a year before by $42.6 million, the Zhoghovurd newspaper writes. It has become known from official sources that the …

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 Azerbaijani President meets VTB Bank President

Azerbaijani President Ilham Aliyev has received the President and Chairman of the Management Board of VTB Bank Andrey Kostin. At the meeting they emphasized the excellent organization of the …

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Georgia declares war against dollar

Georgia's government and the National Bank are planning steps to ease the pressure on the lari currency, including taking some of the burden off individuals repaying dollar mortgages and banning online credit services. Georgian …

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 Armenian Central Bank cuts refinancing rate

Armenia’s Central Bank decided to cut the benchmark refinancing rate by 0.25 percentage points to 6.5%.  It is the seventh consecutive cut of the benchmark rate by the regulator within this year.  In February, …

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Armenian Central Bank cuts key refinancing rate

Armenia's Central Bank said it had decided to cut its refinancing rate to 6.75% from 7.25%. Annual deflation in the South Caucasus country was at 1.9% in August, compared to 1.3% deflation in July, according to central bank data. …

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SOFAZ fails to sell $72mln on market

The State Oil Fund of Azerbaijan (SOFAZ) has sold $78 million to 22 local banks on foreign exchange market today, fully meeting demand, the fund said. It had offered $150 million at the Wednesday auction. SOFAZ sold $200 million at …

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Azerbaijan's interest rate increased to 15%

The Central Bank of Azerbaijan (CBA) increased the interest rate from 9.5% to 15% today, the CBA said in a message.  The upper limit of the interest rate corridor was increased from 15% to 18%, while the lower limit was …

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Azerbaijan’s State Oil Fund sells $50M to local banks

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 30 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 6, SOFAZ said in a message, Trend reports. SOFAZ will continue to sell foreign currency through …

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Manat strengthened against euro

Official exchange rate of the US dollar and euro to Azerbaijani manat was set at 1.6362 manats and 1.8239 manats, respectively, on September 6, Trend reports. According to the currency exchange rate corridor set by the Central Bank …

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