The Central Bank of Azerbaijan has completed the February session of the foreign currency sales. According to Turan estimates, banks have bought funds totaling $ 404.2 million.
In the second half of February, the banks' need for foreign currency was higher than that from February 1 to 15. From February 1 to 15 the auctions sold $ 153.6 million and from 17 to 29 February - $ 250.6 million.
In January, according to published information, four auctions sold $ 318 million.
According to the Central Bank, on February 1 its foreign exchange reserves amounted to $ 4 398.5 million, having decreased over the month by $ 618.2 million. ---08B
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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