Official foreign exchange reserves of the Central Bank of Azerbaijan (CBA) on September 1 of the current year amounted to $ 11,279.3 million
According to the CBA, in August, foreign exchange reserves increased by $ 156.6 million or 1.4% and the beginning of the year increased by $ 797.8 million or 7.6%.
Over the past 12 months reserves of the Central Bank increased by $ 4,165.1 million, or 58.2 percent.
The current level is the historical maximum for foreign currency reserves. - 15B -
Economics
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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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