Azerbaijan's strategic currency reserves increased during the first eleven months of 2012 by 14.7%, reaching $ 46.5 billion, enough to cover imports of goods and services for 3 years.
According to the statement of the Central Bank of Azerbaijan (CBA), the main directions of monetary and financial stability in 2013, today the country's foreign exchange reserves at 9 times the foreign debt, and their ratio to GDP is 70%.
Foreign exchange reserves of the Central Bank from the beginning of the year increased by 14%, to $ 12 billion. In 2013, the bank will form a new strategy for managing its currency reserves, which involves diversifying reserves and financial instruments in the current global economy, the document says. - 15D -
Economics
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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