The volume of trading in the currency section of Baku Interbank Currency Exchange (BBVB) in June 2012 totaled $ 101.440 million and 79.667 million manat.
This is a 4.4% increase compared to the previous month and by 10.9% compared to June 2011.
The average amount of each transaction in the exchange electronic trading system on USD / AZN was $ 2.305 million, and the average daily turnover was $ 5.339 million
Total trading in the currency section of BBVB in June 2012 was attended by 12 banks. In the reported month 44 transactions were conducted at BEST in 38 trading sessions.
Currency-exchange turnover for the half year amounted to the equivalent of 384.54 million manat, which is 25% less than for the comparable period last year.
Exchange rate of national currency in the reported month fell by 0.03% - from 0.7848 to 0.7850 for 1 USD. The average rate of U.S. dollar compared to manat was 0.7854 AZN for 1 USD, while in May it was equal to 0.7856 AZN. - 15B -
Economics
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Azerbaijan processed 5 million tons of crude oil in the first three quarters of 2024, a 2% increase compared to the same period last year, when 4.9 million tons were processed, according to data published by the Ministry of Finance. Of this total, around 1.3 million tons were imported oil, primarily from Russia, Turkmenistan, and Kazakhstan.
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Azerbaijan’s oil and gas sector continues to ensure stable employment: according to the State Statistics Committee, 31.7 thousand people were employed in the industry during the first nine months of 2024. The sector remains a crucial pillar of the national economy, offering some of the highest salaries in the country, although differences in pay between state-owned and private enterprises are noticeable.
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In a move to accelerate technological advancements in telecommunications, the Azerbaijani Investment Holding (AIH) and China’s FiberHome Telecommunication Technologies Co., Ltd. signed a Memorandum of Understanding (MoU) in Baku on October 15. The agreement is aimed at fostering closer collaboration in telecommunications technology, marking a significant step in Azerbaijan’s ambitions to expand its digital infrastructure and introduce cutting-edge business practices.
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In the first eight months of 2024, Azerbaijan's legal entities and individuals engaged in trade operations with partners from 172 countries, according to data released by the State Statistics Committee. The country exported goods to 117 nations while importing from 161, highlighting the breadth of its trade relations. However, foreign trade turnover decreased by 14.93% compared to the same period in 2023, reflecting global economic challenges and shifts in demand.
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