CCA Highlights: Aliyev wins presidential elections in Azerbaijan; Armenia, Georgia and Azerbaijan cut rates; Tajikistan posts robust CA surplus in 3Q23

CAUCASUS / CENTRAL ASIA - Report 09 Feb 2024 by Ivan Tchakarov

We comment on key data and events in the Caucasus and Central Asia:

Armenia: Central Bank cuts policy rate by 50bpts to 8.75 percent
Armenia: Remittances fall significantly in 2023 but remain above longer-term averages
Armenia: Western incentives for PM to bolster his image
Armenia: Armenia joins International Criminal Court
Armenia: Armenia and Azerbaijan hold sixth meeting on border delimitation
Armenia: Pashinyan tests the water for new Constitutional referendum
Armenia: Inflation falls to -0.9 percent YoY in Jan
Azerbaijan: Central Bank reduces refinancing rate by 25bpts to 7.75%
Azerbaijan: Aliyev claims comfortable victory in the presidential election
Azerbaijan: High level of 2023 FX intervention helps maintain external competitiveness
Azerbaijan: Pensions to increase by 11.2 percent in 2024
Azerbaijan: Nominal wages rise by 11.2 percent in 2023
Georgia: NBG cuts policy rate by 50bpts to 9.0 percent
Georgia: NBG hints at lower neutral rate of 6.5 to 7 percent
Georgia: Jan inflation remains under control
Georgia: PM Kobahidze submits government program to Parliament
Georgia: New government approved by Parliament
Uzbekistan: Minimum wage set to rise by 2.1 percent from Feb 1st
Uzbekistan: New entrepreneurial ratings aim to reduce shadow economy
Uzbekistan: Poverty rate falls to 11 percent in 2023
Tajikistan: 3Q23 current account turns to a welcome surplus

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