On the foreign exchange auction held by the Central Bank of Azerbaijan USD was 1.6006 AZN.
The auction began with the rate of 1USD / 1,6036AZN.
Note that starting from October 5 the Central Bank holds currency auctions under the new rules, according to which commercial banks have the right not only to buy but also to sell currency. The AZN exchange rate at the same time is set, depending on the price, which is determined during the last session.
On days when there is no auction, the rate of AZN is determined, based on the weighted average price set by agreements in the interbank foreign exchange market. -71D-
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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