The Central Bank of Azerbaijan issued 200 million USD for currency trading on February 5. The auction was attended by seven banks that applied for the purchase of 18,370,000 US dollars. The orders were satisfied at 100%, according to the CBA.
The last auction on February 3 was attended by 3 banks with applications for 31 million dollars, which were satisfied.
The bidding shows a tendency to decrease banks' demand for foreign currency. For example, on January 27 the auction was attended by 18 banks with applications for the purchase of 67,161,000 dollars, which were satisfied.
Turan’s experts carefully note that the Central Bank managed to bring down the hype in the foreign exchange market, which was caused by the second wave of devaluation of December 21, 2015.
The first devaluation of February 21, 2015 partially provoked transfer of people’s deposits from AZN to a foreign currency. -0-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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