The Central Bank of Azerbaijan (CBA) published a review of the monetary policy in January-June this year. According to official figures, at least half of the consumer spending (49.5%) in the retail trade network is spent on the purchase of food products, beverages and tobacco products - 117.8 manat in this area of expenditure for each user. The remaining 50.5% are the purchase of "other non-food products" (18.75), clothing and footwear (17.8%), automotive fuel (6.5%), electrical appliances and furniture (5.5%), drugs and other pharmaceutical products (1.2%), computers and other ICT equipment (0.8%), and other industrial products. Each user spends on nonfoods in average 121.6 manat. Experts believe that after the two-fold devaluation of the manat last year most of consumers, especially people with small income, use the personal and family budget for food. Practice shows that in the conditions of uncertainty in the future people stop buying "extra" things, favoring food. --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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