Not Enough Currency at Today’s Auction
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
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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