Since early this year SOFAZ has become an active player at the local market of currency auctions. Its role was support of the national currency manat, which rate has lost its previous stability, because of lack of funds in the Central Bank.
At the end of June Oil Fund sold $50 million a day at the auctions organized by the Central Bank. As a result $450 million of “oil currency” has been sold in June.
According to Interfax-Azerbaijan, since early year Oil Fund spent $2,436,900,000 for this purpose. During quarter 1, 2016 currency to the amount of $1,253,000,000 has been sold and during quarter 2, 2016 – to the amount of $1,183,900,000.—0—
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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