Since the beginning of the year until August 1 turnover of cash payment cards amounted to 7,880,909,000 manat (+ 20.77% from the same period last year). The same ratio was also at the end of January-June.
According to the Central Bank of Azerbaijan, the income of banks on payment cards for the reporting period amounted to 1,316,722,000 manat. Withdrawals through ATMs totaled 6,564,287,000 manat (+ 20.03% compared to last year, when there was removed 5,468,927,000 manat).
We wrote that in Azerbaijan ATMs serve as cash desks for the delivery of wages to state employees or pensions to the poor. --17D—
Economics
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Azerbaijan has marked a historic milestone in its food trade, recording unprecedented levels of food imports in 2024. According to the State Customs Committee, food imports for the first eleven months of the year rose by 10.8% compared to the same period in 2023, reaching $2.19 billion. This is $213.9 million higher than last year’s figure of $1.98 billion, underscoring a sharp increase in domestic demand.
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In December this year, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) marked its 25th anniversary, highlighting its pivotal role in shaping the country's economy since its establishment in 1999. The milestone was commemorated at a gathering titled "From National Wealth to Sustainable Development" on December 24, attended by SOFAZ staff and key stakeholders.
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The Central Bank of Azerbaijan (CBA) has introduced new 3-qapik coins. Previously, updated coins of 1, 5, 10, 20, and 50 qapik denominations were also issued. According to the bank's press service, the reverse side of the new coin features the emblem of the Republic of Azerbaijan and the year of minting, while other design elements and technical specifications remain unchanged. The new 3-qapik coins will circulate alongside the existing currency.
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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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