Today the State Oil Fund of Azerbaijan (SOFAZ) through the second July auction, organized by the Central Bank of Azerbaijan, has sold another $50 million, this time to 27 financial institutions (in the country 33 operating banks.) According to SOFAZ, in April he exposes not $100 million, as before, but half the amount, although the need for banks in the currency is much higher. In the last auction the CBA is not directly involved as a buyer. In general, the State Oil Fund in conjunction with the CBA sold about $ 325.5 million in August.
According to the fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency fund transfers carried out in the framework of the state budget allocated for this year of $7.615.000 AZN. By January 1, SOFAZ’s assets amounted to $ 33.57 billion (minus 9.5% in early 2015.) --17D-
Economics
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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