While the Central Bank and the State Oil Fund of Azerbaijan (SOFAZ) cannot meet the needs of commercial banks for currency, the "black market" for currency is being revived, local media reported.
Turan reported that on August 18 SOFAZ sold 50 million USD to 28 banks.
Despite the fact that the report of SOFAZ did not specify the real demand for currency, the media leaked information from banking circles that the record demand was registered on August 18 - 700 million dollars.
The fins.az portal announces that on August 19 at the "black market" USD was sold at the rate of 1.6850 – 1.6855 manat (official exchange rate for August 19 – 1 USD / 1.6204 AZN). The report also states that financial institutions themselves are a major supplier of currency to the "black market", and sellers are employees of the same banks.
Experts see the main reason for the prosperity of the "black market" in the closing of currency exchange offices, as well as in restrictions of the currency sale per person by banks.
It is noteworthy that in the sale of currency, each bank sets its own rules, limiting the sale of currency per person from 100 to 500 dollars / euros. -------75
Economics
-
Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
-
The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
-
Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
-
In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
Leave a review