. 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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BP has signed a shareholders agreement with SOCAR Green (a subsidiary of SOCAR) and the Azerbaijan Investment Company (AIC) to form a joint venture for the construction of a 240 MW solar power plant in Azerbaijan’s Jabrayil District, the company announced on Monday.
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The State Oil Company of Azerbaijan (SOCAR) and Russian energy giant Gazprom are discussing further steps to strengthen their strategic partnership in the energy sector, SOCAR announced on social media on Monday.
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Azerbaijan, known worldwide for its oil wealth, has seen its oil and gas sector contribute at least 90% of its exports, significantly shaping the country’s GDP, foreign investment, and fiscal stability. These resources have helped stabilize the national currency and ensured political and social stability. However, since oil production has been steadily declining since 2011, the country faces mounting economic challenges as it transitions into a post-oil era, notes economist Gubad Ibadoglu.
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In Azerbaijan, it is planned to calculate wages on an hourly basis instead of monthly. At the same time, according to officials' statements, salary increases are expected next year. So far, there is no official information on how much wages will increase. However, experts say that the transition to hourly wages in Azerbaijan appears very difficult and could lead to cases of abuse.
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