In January compared to December, consumer prices rose by 5.8%, according to the State Statistics Committee. According to the SSC, food prices in the past month increased by 8.7%, non-food products - 5.6%, and paid services - 2.1%.On December 21, Central Bank of Azerbaijan for the second time devalued the manat, this time by 47.6%. In the following days, the rate of manat in relevant to the USD dropped even lower - from 1.55 to 1,62 AZN / USD. Many companies (Azersun Holding, Veyseloglu et al.) said that increased prices for manufactured and imported products is 20-30%. Non-food products of imported origin increased by 30-40%.
Experts emphasize that the official statistics in Azerbaijan is too politicized. Regulation of such information, as inflation level, unemployment, new jobs, etc. dependis on the mood and desire of the authorities. 08B
Economics
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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.
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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.
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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.
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"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.
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