SOFAZ has sold $50 million at auction, satisfying the demand of banks only by 1/12 part
In the foreign exchange auction of the Central Bank of Azerbaijan on August 11, the State Oil Fund of Azerbaijan (SOFAZ) has sold to 29 banks all the proposed $ 50 million. However, demand was by 12 times higher, and amounted to 600 million. This is a record volume of demand since the beginning of SOFAZ currency sales at auction in December 2015. Prior to this, the highest demand was registered at the auction on 28 July when the needs of 28 banks amounted to $ 450 million, but they were sold $50 million, or by nine times less. -0-
Economics
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Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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