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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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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