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’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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