. Despite the fact that the State Oil Fund and the Central Bank of Azerbaijan on 8 September sold 300 million USD from the foreign exchange auction, it has not become easier to buy the currency at commercial banks and the foreign exchange deficit persists.
Contrary to expectations, many banks have not resumed USD sale on September 9.
For example, Bank Respublika, Bank Standard, Rabita Bank, Pasha Bank, Demir Bank and the International Bank of Azerbaijan said they would not sell foreign currency.
Uni Bank reported a limit on the sale of $ 100 per person, and Ata Bank evasively said the limit depends on the amount of cash in each separate branch.
Only in Capital Bank we were told that there were no restrictions on the sale USD there.
It should be noted that the major emission of the dollar in the market on September 8 caused depreciation of the rate of currency purchases by commercial banks from the citizens. Thus, banks lowered the purchase price from 1.70 - 1.68 manats to 1.64 manats per dollar.
It should be noted that the Central Bank set the official exchange rate on September 9 at 1 USD / 1.6403 AZN. -71B-
Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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