On the background of growth of the US dollar once again actualized shortage of foreign currency in commercial banks of Azerbaijan. Turan’s poll showed that the majority of banks have stopped selling foreign currency. E.g. Access Bank, Amrah Bank, Bank of Baku, Pasha Bank, Bank Respublika, Capital Bank and the International Bank of Azerbaijan reported the sale of the currency was suspended.
Demir Bank has introduced a limit - 100 dollars or Euros in one hand. Only a source in Ata Bank reported that they sell foreign currency without any restrictions.
It should be noted that in October experts predicted growth of the US currency by the end of the year, and noted that it will be associated with the excess of demand over supply.
On November 22 at the currency auction dollar was established at 1.7146 manat. However, due to the non-transparent information policy of the Central Bank of Azerbaijan it is impossible to know the demand and supply on the foreign exchange auction.
According to expert estimates, the monthly demand for the dollar in the country is from 1 billion to 1.5 billion. The main supplier of the foreign exchange market is the State Oil Fund (SOFAZ). According to SOFAZ, in October it sold 371 million dollars from the auction.
The Central Bank from time to time intervenes in the foreign exchange market and in October its foreign exchange reserves decreased by 127 million dollars. Experts predict that by the end of the year the dollar will rise to 1.80-1.85 manat.
Against the backdrop of currency shortages, the "black market" exchange has revived. There the rate of purchase and sale of foreign currency is much higher than the rates of commercial banks. -71B-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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