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
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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