CBA Gets 20 Million AZN Less in Deposit Auction

This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.

Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.

Azerbaijan appears poised for a notable economic shift in 2024, according to projections from the European Bank for Reconstruction and Development (EBRD). Inflation, a persistent thorn in the side of policymakers in 2023, is set to cool significantly, with the average annual rate expected to fall to 3.5%, compared with a high of 8.8% last year. Yet, as inflation moderates, the country's current account surplus—an indicator of its external economic strength—is forecast to narrow slightly, dropping to 8.5% of GDP from 9.9%.

Azerbaijan's vegetable and fruit exports dropped in the first ten months of 2024, with physical weight down 4.1% and value falling 1.7% compared to the same period last year, according to the State Statistics Committee. Key export products, including potatoes and hazelnuts, saw significant declines, while apples, persimmons, and tomatoes showed modest gains.