In order to further broaden and diversify the currency basket, SOFAZ has started making investments in Chinese Yuan, reported press office of the State Oil Fund of Azerbaijan (SOFAZ).
The required license has already been obtained from the People’s Bank of China (PBC) for investments of up to RMB 3 billion and a contract has been signed with the PBC for the purchase and custody of yuan denominated sovereign and agency bonds. As of July 1 2015, first investments in Chinese Yuan have been made.
Going forward, Sofaz is planning to gain exposure to Chinese equity markets. To this end, we have taken steps to obtain the “Qualified Foreign Institution Investors” license granted by the China Securities Regulatory Commission.—0—
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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