The report of the Central Bank for four months has been published. The volume of deposits in local currency amounted to 61.9% of total deposits (4 billion 67 million or +4.6% YTD). In the foreign currency equivalent private traders hold 2 billion 502.9 million (minus 0.2% as of 1 January).
Volume of bank deposits of residents to May 1 was 5 billion 961.2 million (+6.1%), non-residents - 608.7 million manat (minus 21.5%). Foreign investors began to withdraw funds after the scandal with the uninsured portion of deposits in bankrupt Royal Bank, when Iranian citizens collectively missed more than 100 million manats.
By May 1, the aggregate amount of deposits in banks in Azerbaijan was 13 billion 615.6 million (+9.1% YTD). -17D-
Economics
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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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On January 21, during a meeting in Davos, Azerbaijani President Ilham Aliyev met with Henrik Poulsen, Chairman of the Supervisory Board of Carlsberg Group, and Jacob Aarup-Andersen, the company's CEO. The discussions emphasized Carlsberg Group's expanding presence in Azerbaijan and its commitment to developing local production and sustainability.
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In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
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