Money supply grew in June by 297 million or 2.6% to 11,753.7 million manat. Over the past 12 months, the volume of funds in manat in the economy grew by 3,018.3 million or 34.6%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system increased in June by 241.9 million or 3.2% to 7,751.8 million manat, and non-cash increased by AZN 55.1 million or 1.4% to 4,001.9 million manat. The share of the latter in the structure of the manat treatment decreased to 34%.
Broad money contracted for the reported month by 51.5 million or 0.4%, and for the year it grew by 27.3% to 14,527.5 million manat.
The volume of foreign exchange supply in the banking system declined in June by 349 million or 11.2% to the equivalent of 2,773.8 million manat. Foreign exchange supply for the year increased 3.6%. The share of manat resources in the total money supply was 80.9%, up 4.4% compared to July 1 last year. Thus, the share of currency in cash for the first time for at least the last 14 years was less than 20%.
The total amount of the monetary base rose in June by 3.2%, and for the year it grew by 33.2% to 8,730.4 million manat. Manat money increased over the month by 281.3 million or 3.4% to 8,654.4 million manat. - 15B -
Economics
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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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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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