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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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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