As of January 1 this year, the population holds in the country's banks 7 billion 188,400,000 manat (+ 12.4% yoy).
According to the report on the website of the Central Bank of Azerbaijan, the largest share of money is in the national currency - 4 billion 422,400,000 manat or 61.5% of total deposits (+ 13.7% yoy). The rest is in foreign currency deposits (+ 10.3%).
According to the CBA, by the beginning of this year, local bank deposits were 6 billion 472,500,000 manat and the share of non-residents was 715,900,000 manat. The traditional trend continues - local investors are building up their savings accounts (+ 15.2%) and foreigners are pulling their money (minus 7.7%).
The total volume of deposits in local banks by 1 January was 15 billion 453,400,000 manat (+ 23.9% yoy). --17D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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