The State Oil Fund of Azerbaijan reports that the auction sold $301.5 million in November. However, due to the non-transparent information policy of the Central Bank of Azerbaijan (CBA) there is no access to information on the sales volume of currency in November by the country's commercial banks.
Since October the foreign exchange auctions are held under the new rules, according to which commercial banks have the right not only to buy, but also to sell dollars.
According to expert, monthly demand for the US currency is $1 billion or $1.5billion.
However, since mid-October, the dollar is steadily increasing. In October 18 the dollar rate was worth 1.5969 manat, the exchange rate was established at 1.7339 manat in December 2. -71D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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