On July 12 Azerbaijani commercial banks have bought at the auction by four times more dollars than usually. Thus, the State Oil Fund (SOFAZ) has sold at the foreign exchange auction of $100 million and the Central Bank of Azerbaijan sold another 100 million to commercial banks. A total of 29 banks participated in the auction, said the SOFAZ and Central Bank. Total for July SOFAZ sold the banks $200 million.
Until now at the auction were not sold more than 5$0 million some of which are not redeemed by banks. However, in the last 10 days, the entire amount of $50 million was sold without reserve, and today the amount of sales increased by four times.
Experts and officials have not commented on this fact, however, many observers predict the further cheapening of manat, and perhaps another devaluation. Against this background, the purchase of foreign currency by banks is becoming one of the ways to avoid losses. -02D-
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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