Population Has No RUR Deposits
The share of the national currency in bank deposits of the population accounts for nearly two-thirds - 65.2%, and the rest is foreign currency. It is noteworthy that even Azerbaijanis "fixed" with their souls to Russia do not hold their "stocks" in rubles and prefer mainly dollars and euros.
The total volume of non-cash money supply, according to the Central Bank of Azerbaijan, amounted to 21 billion 113,100,000 manat, including the equivalent (+ 9.1% YTD), with a tendency to increase the national currency (+ 16.7%). --17D-
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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