Situation in Banking Sector
After the evening speech of the head of state on the reduction of the manat, the situation in the banking sector has not undergone major changes. In the morning queues in banks decreased, but special activity is not observed at exchangers.
At the same time, the number of people wishing to sell dollars and euros is more than those willing to buy foreign currency.
A difficult situation remains with bank cards. In particular, bank transfers of money abroad through cards are hampered.
Prices in grocery stores have changed little, but household appliances and industrial goods rose and prices have not decreased after assurances from the authorities that they will remain at the same level.
Up to now the issue of payment of foreign currency loans has not been clarified. Depositors have not received an answer to the main question: how to pay dollar loans if the amount has automatically increased by 33.5% due to the devaluation of the manat. -02B-
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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