On February 1, the population of Azerbaijan held 7 billion 121,300,000 AZN on bank accounts (minus 0.9% YTD).
According to the Central Bank of AR (CBA), this is due to the conversion of deposits in favor of foreign currency - only in January, the total volume of this segment in manat fell to 4 billion 276,300,000 manat (minus 3.3%) or 60% of total deposits. In contrast, household deposits in foreign currency increased by 2.9% - up to 2 billion 845 million manat. i.e., 0.4% of deposits were withdrawn from the bank circulation.
By February 1, the volume of bank deposits of residents was 6 billion 463,600,000 manat (minus 0.2% YTD), non-residents - 657,700,000 manat (minus 8.1%). The aggregate amount of deposits in banks by that date amounted to 15 billion 134,700,000 manat (minus 2.1%). --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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