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 economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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