Ten currency exchange offices have closed. According to the report of the Central Bank of Azerbaijan, these objects belonging to 6 banks were revealed violations of currency legislation.
"The CBA monitoring of February 23 revealed that 10 exchange points of 6 banks violated the rules of purchase and sale of foreign currency. In particular, they bought and sold foreign currency in violation of the margin rate on cash (+/- 2% of the official exchange rate)," the official information said.
On the basis of recorded violations the licenses of exchange offices to conduct foreign exchange operations were canceled.
In this case, the CBA does not indicate exchangers of what banks violated these rules, as well as where they are deployed. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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