SOFAZ Unable to Meet Banks` Demand for Foreign Currency
50 million USD was sold on the foreign exchange auction of the Central Bank of Azerbaijan on 28 July, submitted by the State Oil Fund of Azerbaijan (SOFAZ).
This time, in contrast to the previous auction, the demand was partially satisfied. 28th banks needed 450 million, but 50 million was sold (9 times less).
At the last auction on July 26 the supply and demand amounted to 50 million.
The proceeds in AZN are sent to the budget. In 2016 SOFAZ should transfer 6 billion AZN to the state budget. -0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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