At the foreign exchange auction of the Central Bank of Azerbaijan on August 10, the State Oil Fund of Azerbaijan (SOFAZ) has sold 29 banks all the proposed $ 50 million. In fact, the picture was repeated yesterday's trading. The real demand for currency is not reported. It should be noted that at previous auctions of the proposed $ 50 million the banks bought no more than $ 49.5 million, demonstrating not full satisfaction of the demand.
The trades over the last two days indicate a high demand for the currency than the offers SOFAZ. For example, at auction on 28 July, the need of 28 banks amounted to $ 450 million, but they were sold $50 million, or by 9 times less.-0-
Economics
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A business meeting took place between the Chamber of Auditors of the Republic of Azerbaijan and Reanda International Network Limited on July 26, aiming to study advanced global practices in independent financial control and expand their application in Azerbaijan. This initiative follows the program instructions of the Azerbaijani president, the Chamber of Auditors reported.
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Azerbaijan's inflation for the 12 months ending in June stood at 1.1%, with core inflation at 0.8%, the chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, announced at a press conference on Monday. Annual food inflation was recorded at 0.2%, non-food inflation at 1%, and services inflation at 2.4%.
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The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
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Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
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