Absolute indicator of monetary issue for the year increased by 6%
Daily production and issuance of local currency from January to August this year amounted to an average of 108.096 million manat (in the previous year it was 102 044 000 AZN or minus 5.93%).
According to the Central Bank, from circulation before 1 August there was seized an average of 108.153 million manat (previous year - 102 761 000 or minus 5.25%).
Banks paid for the reporting period 22 916 400 000 manat compared to 21 633 360 000 AZN in the previous year (+ 5.93%) when returning a little higher amount of 22,930,000,000 (+ 5.25% as of 1 August last year). --17D-
Economics
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Azerbaijan’s State Agency for Tourism has inspected more than 300 hotels and lodging establishments across Baku, Sumgait, and the Absheron district as part of its preparations to accommodate international visitors attending the upcoming COP29 climate summit. Approximately 220 of these locations have now received an official star rating, with 10 hotels designated as five-star, 20 as four-star, and the remainder across other star ratings.
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For several months now, there have reportedly been delays in the disbursement of pensions and social payments in Azerbaijan. Pensioners say that the delays range from three to five days. For example, they emphasize that while disability pensions used to be paid by the 15th of each month earlier in the year, for the past three months, payments have been made on the 20th or 21st.
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Azerbaijan's revenues from tobacco exports have skyrocketed, with earnings from the first eight months of 2024 reaching $15.6 million, a nearly fivefold increase from $3.2 million during the same period last year. The sharp rise highlights the expanding international demand for Azerbaijan's tobacco products.
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Azerbaijan imported 11,100 tons of tea worth $57.9 million in the first nine months of this year, according to the State Statistics Committee, marking a 14.4% rise in volume and a 13.9% increase in value compared to the same period in 2023. However, with only 500 tons of tea exports totaling $4.8 million, Azerbaijan remains heavily dependent on imported tea, which meets 98% of domestic demand.
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