Turnover of non-cash foreign exchange transactions in July 2012 amounted to the equivalent of AZN 2,674 million ($ 3.4 billion), a decrease of 16.6% on the month. Only in 7 months of this year, foreign exchange turnover amounted to 17.9 billion manat. Compared to the same period last year, it increased 35.6%.
In this July, the U.S. dollar lost the dominant position in the market. The share of trade with it was 34.1%. Share of the operations with the Russian ruble rose to 36.6%, while the share of the euro made up 6.6% of the market.
The volume of cash transactions in U.S. dollars in July was $ 914 million. That is $ 161 million or 15% lower than in June. During the reported month the volume of purchases of the currency fell by half. Compared to the same period in 2011, in January-July this year, the total turnover of cash exchange operations with the U.S. currency rose by $ 2,735 million or 68.8% to $ 6,709 million.
The volume of cash transactions with euros for seven months in 2012 amounted to EUR 1,154 million (units of the currency), which is 48.7 percent more than last year. The volume of purchases of the currency by the population fell by 34.1 percent in July.
The total turnover of cash exchange operations in January-July this year, with the Russian ruble and the British pound sterling was equal to 4,867 million and 15.2 million, respectively.
The average exchange rate of cash dollar to manat remained unchanged in July, making 0.7861 manat per 1 USD, and for the past 12 months was down by 10 points. The average exchange rate of the euro against the manat fell in the reported month to 0.9704 manats per 1 euro, which thus dropped to its lowest level since 2005. - 15B -
Economics
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During the virtual conference "COP29 Action Program: Energy Initiatives and Commitments" on November 4, UNIDO (United Nations Industrial Development Organization) expert Smeeta Fokeer highlighted the importance of adopting international commitments on hydrogen and tripling renewable energy capacities by 2030 at COP29 in Baku.
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On November 4, a virtual conference titled "COP29 Action Program: Energy Initiatives and Commitments" was held at the initiative of Azerbaijan's Ministry of Energy, the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), and specialized UN agencies—UNIDO (United Nations Industrial Development Organization) and UNECE (United Nations Economic Commission for Europe)—ahead of COP29. During the conference, Azerbaijan's Deputy Minister of Energy Orkhan Zeynalov announced three energy initiatives-declarations proposed by Azerbaijan as the COP29 chair for signing next week in Baku at the UN Climate Summit.
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Azerbaijan's Cabinet of Ministers has issued a decision to amend various resolutions following the May 1, 2023 Presidential Decree No. 2130, which approved the charter for the Medical Territorial Units Management Association (TƏBIB). The amendments aim to implement structural changes across multiple government regulations to reflect the shift of responsibilities to TƏBIB from other healthcare entities.
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Baku's trade and service sectors showed robust growth during the January to September period this year, underscoring the capital's resilience amid broader economic shifts. Trade turnover surged by 4.9% year-on-year, reaching a substantial 24.95 billion manat, according to the latest official data. This expansion reflects both a modest boost in consumer spending and the city's ongoing role as a commercial hub.
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