Money supply rose in May to 254.3 million manat or 2.3% to 11,456.7 million manat. Over the past 12 months, the manat resources in the economy grew by 3,065 million manat or 36.5%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system rose in May to 197.1 million manat or 2.7% to 7,509.9 million manat, and the volume of cashless manat increased by 57.2 million manat or 1.4% to 3,946.8 million manat. The share of the latter in the structure of the manat treatment decreased to 34.4%.
Broad money supply rose during the reported month by 233.3 million manat or 1.6% to 14,579.5 million manat. The volume of foreign exchange supply in the banking system declined 21 million manat or 0.7% to the equivalent of 3,122.8 million manat. During the year the mass of foreign currency increased by 17.2%. The share of manat resources in total money supply was 78.5%, which is 2.6% more than June 1 of last year.
The total amount of the monetary base rose in May by 2.9%, and for the year it grew by 34.4% to 8,457.9 million manat. Manat base money increased over the month by 227.2 million manat or 2.8% to 8,373.1 million manat. - 15V -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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