Money supply rose in July by 217.3 million or 1.8%, to 11,971 mln. Over the past 12 months, the volume of funds in manat in the economy grew by 2,619.6 million or 28%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system rose in July by 260.5 million or 3.4% to 8,012.3 million manat, and non-cash decreased by AZN 43.2 million or 1.1% to 4,001.9 million manat. The share of the latter in the structure of the manat circulation decreased to 33.1%.
Broad money increased in the reported month by 175.5 million or 1.2%, and for the year it grew by 23.3% to 14,703 million manat.
The volume of foreign exchange supply in the banking system declined in July by 41.8 million or 1.5% to the equivalent of 2,732 million manat. Foreign exchange for the year increased 6.3%. The share of AZN resources in the total money supply was 81.5%, up 3% compared to August 1 last year. Thus, the share of currency in cash for the first time in recent years was 18.5%.
The total amount of the monetary base grew in July by 3.5%, and for the year it grew by 30.2% to 9,039.6 million manat. The manat money base increased over the month by 285.8 million or 3.3% to 8,940.2 million manat. - 15V -
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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