At today's currency auction Central Bank of Azerbaijan (CBA) has sold $50 million to24 banks. However, the official report of the Central Bank does not specify how much was satisfied the demand for the currency. This is the first case of non disclosure of information about supply and demand on the auctions held since the beginning of this year.
It is noteworthy that at the previous auction, for the first time the CBA only by 45% satisfied the demand of banks in dollars. Independent experts have regarded it as a failure of the CBA to fully meet the demand for foreign currency.
Now, the CBA has decided to limit the information on the foreign exchange auctions in order not to become the object of negative comments.-05D-
Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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