The rate of dollar continues to increase
The official US dollar exchange rate was set on June 29 by the Central Bank of Azerbaijan at the level 1.5363 manats. This is slightly more than the rate on 26-28 June (1.5332). The rate of dollar continues to grow steadily in respect to manat for the fourth week. Commercial banks are buying dollars from the population at the rate of 1,52-1,53 manat, but sell at 1,59-1,595 manats, i.e. a margin of just 0.07 AZN, while in the early months the difference between the buying and selling of the dollar was only 0,02-0,003 manat. Many commercial banks have set limits on the dollar sale and sell one hand no more than 500-1000 dollars. Against this background, a number of experts predict a new devaluation of manat.-06D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review