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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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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