Turnover of non-cash foreign exchange transactions in July 2013 amounted to the equivalent of 3,376 million ($ 4.3 billion), an increase of 26.1% on the month. In only 7 months of this year, foreign exchange turnover amounted to 21.7 billion manat. Compared to the same period last year, it increased 21.2 %.
The volume of cash transactions in U.S. dollars in July was $ 1,030 million is for $ 90.4 million or 9.6 % more than in June. During the reported month, sales of the currency rose by 8.5 % and purchases - by 12%. Compared to the same period in 2012 , January- July this year, the total turnover of cash exchange operations with U.S. currency rose by $ 289 million , or 4.3 %, to $ 6,998 million.
The volume of cash transactions euros for seven months in 2013 amounted to 2,170 million (unit of the relevant currency), which is 88.5 percent more than last year . The volume of purchases of the currency declined in July by 2.2 times to its lowest level this year ( 14.2 million).
The total turnover of cash exchange operations in January- July this year, with Russian rubles and with the British pound sterling was equal to 9,203 million, respectively, and 32.9 million.
The average exchange rate of cash dollar to manat fell in July by 2 points, and over the past 12 months - by 17 basis points to 0.7844 manats per 1 USD. -15B-
Economics
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The Agency for the Development of Small and Medium-Sized Businesses (KOBIA), in collaboration with the Ministries of Economy and Ecology and Natural Resources, organized a conference today in Baku focusing on the role of small and medium-sized enterprises (SMEs) in advancing the green economy.
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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