The rate is close to the historical record (UPDATED)
The Central Bank announced the rate of manat for 7 September - 1USD/1,6405AZN ( on 6 September it was 1,6362AZN.) The rate of manat is close to the historical anti-record which for 11 March, 2016 was 1USD/1,6456AZN. –79D-
2016 September 06 (Tuesday) 15:58:26
The Central Bank of Azerbaijan has published the volume of demand for foreign currency from commercial banks at the auction held on September 6.
The demand amounted to $ 588 million.
It should be noted that the State Oil Fund sold 30 banks $ 50 million on September 16. -------78D
2016 September 06 (Tuesday) 12:46:21
The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to commercial banks. The currency was acquired by 30 banks.
The real demand on the part of banks is not reported. Experts point out that the actual demand for each auction exceeds the supply by 10-12 times.
Note that since the middle of August in Azerbaijan there has been an acute shortage of dollars. ------74D
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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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