365news.biz
After two major interventions in the foreign exchange market by the State Oil Fund and the Central Bank of Azerbaijan the currency deficit problem is eliminated at the moment and the majority of commercial banks have resumed selling the currency.
As Turan already reported, on September 8 the State Oil Fund and the Central Bank jointly supplied 300 million USD for a foreign exchange auction, and on September 14 the State Oil Fund supplied 150 million dollars. Most of these funds have been bought by banks.
On September 15 Access Bank, Ata Bank, Bank Respublika, Bank Silk Way, Mugan Bank and Amrah Bank stated they sold foreign currency without restrictions. Nikoil Bank said it sold the currency in batches of up to $ 1,000 per person.
Demir Bank and Pasha Bank said the sale of currency was not resumed.
Note that most of the banks, insuring their risks, sell the currency at the highest and buy at the lowest possible margin. Thus, monitoring of the official websites of commercial banks showed that the currency is mainly bought at the rate of 1 USD / 1.62AZN and sold at 1.70 AZN.
According to the official exchange rate for September 15, the index was 1 USD / 1.6375 AZN. –71B--
Economics
-
According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
-
Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
-
Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
-
Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
Leave a review