Fifth Deposit Auction Granted Application for 50 Million AZN
The fifth deposit auction was held by the Central Bank of Azerbaijan on July 25.
The auction received a bid to attract 50 million AZN at the weighted average interest rate of 6.99%, which fully meets the demand of banks.
It was the maximum rate, and the minimum was set at the level of 4.01%.
According to the CBA, the funds are involved for 28 days.
The first deposit auction held on June 13 attracted 129 million AZN on average weighted interest rate of 6.49% per annum instead of the planned 150 million AZN. In the next three trades the application ranged from 37 million to 45 million AZN. -0-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review