Azerbaijani Central Bank will hold the next deposit auction on December 26.
The Central Bank plans to attract 50 million manat for a period of 14 days at the weighted average rate of 12.01% - 14.99%.
CBA launched deposit auctions in June 2016. According to international practice, the main purpose of deposit auctions is the sterilization of money supply. At the time of deposit auctions the Central Bank receives commercial banks' deposits for placement. -----71D
Economics
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The State Oil Company of Azerbaijan (SOCAR) is examining opportunities in geothermal energy in partnership with U.S. companies as part of Azerbaijan's efforts to advance renewable energy. SOCAR President Rovshan Najaf and John Wallace, CEO of DeGolyer and MacNaughton, met in Baku to discuss initiatives including geothermal energy projects and carbon capture, utilization, and storage (CCUS) technologies, SOCAR announced on Tuesday.
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On Tuesday, the Turan E-Commerce and Export Forum in Baku unveiled the new "Made in Turan" trademark, marking a bold step toward uniting the economic potential of Turkic states under a single label. This initiative aims to stimulate trade and strengthen economic ties among the member states of the Organization of Turkic States (OTS).
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According to the State Customs Committee, food import expenditures in Azerbaijan rose by 10.2% in the first ten months of 2024 compared to the same period last year, reaching a record $1.97 billion. This increase, driven by growing demand for vegetables, fruits, tea, rice, and animal products, highlights the country's rising dependence on imported food despite government efforts to boost domestic agricultural production.
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Azerbaijan's potato sector, a cornerstone of the nation's food supply and its second most significant agricultural product, is in sharp decline. Production dropped by 7.6% year-on-year from January to October 2024, reflecting a long-term downward trend, according to the State Statistics Committee.
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