The currency reserves of the Central Bank of Azerbaijan amounted to $ 5 billion 16.7 million as of January 1 (minus 63.54% for the year) and the profitability of foreign exchange asset management was at the level of 0.76%.
According to the CBA, the reduction of foreign exchange reserves is due primarily to the artificial maintenance of AZN and USD interventions in connection with this (in 2015, as in 2014, to support the exchange rate regime and to prevent a possible crisis, $ 4 billion was spent). The entire funds have been placed in US dollars. --17D-
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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