Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold $ 40 million to three financial institutions. According to SOFAZ, since April it has exposed not $ 100 million, as before, but half the amount.
The latest auction was attended by 4 banks, including the Central Bank itself, which bought $ 10 million. In general, in May, SOFAZ has sold about $ 382 million.
According to the Fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency sale by the Fund is carried out in the framework of transfers to the state budget allocated for this year in 7 billion 615 million AZN. By January 1, SOFAZ assets amounted to $ 33.57 billion (minus 9.5% to early 2015). --17D-
Economics
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The Supreme Eurasian Economic Council of the Eurasian Economic Union (EAEU) convened today, December 26, 2024, at a summit highlighting the evolving dynamics of regional cooperation and the complex interplay of geopolitical interests among EAEU member states. The meeting, held in Saint Petersburg, brought together the leaders of the EAEU countries to discuss a robust agenda that could shape the bloc's trajectory in 2025 and beyond.
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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