At today's currency auction the Central Bank has allocated 30 million dollars. However, the request of 14 banks, the auction participants, totaled 66.760 million US dollars. For this reason, it satisfied only 44.9% of all the applications for the purchase of dollars. This is stated in the report of the Central Bank of Azerbaijan.
On all the previous auctions the Central Bank put up for sale 200 million dollars, of which commercial banks purchased about a half.
Why Central Bank has sharply reduced the sale of foreign currency is not reported. -16D-
Economics
-
The labor market in Azerbaijan in 2024 presents a mixed picture: a slight decrease in the unemployment rate alongside growing challenges in addressing youth employment issues. Despite significant progress in formalizing employment and creating jobs, the mismatch between labor force growth and job availability remains a pressing issue.
-
SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.
-
Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.
-
Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
Leave a review