The Azerbaijani Central Bank left the rate of manat on October 11 unchanged.
According to Turan was, 11 October dollar will cost 1.6006 manat, like on October 10.
On 5 October the Central Bank determines the rate of manat according to new rules. So, in the days of the currency auction (Wednesdays and Fridays), the national currency is determined according to the price set at the last session. At the same time, commercial banks have the right not only to buy, but also to sell foreign currency at the auction. In the days when the auction is not conducted, the manat exchange rate is based on the weighted average price set by agreements in the interbank foreign exchange market. -71D-
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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