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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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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