By January 1, a joint amount of cash in circulation amounted to 4 billion 775.9 million manat. According to the Central Bank of Azerbaijan, it means the decline in index of 2.1 times a year - at the same level in December, a decrease by 7.8%. In general, by the beginning of the year the total money supply, including cash, time deposits, demand deposits and deposits stood at 21 billion 318.6 million AZN. At the same time deposits in foreign currency for the year increased by 3.1 times, and in December - by 51.4% - up to 12 billion 705.5 million manat, amounting to 60% of the total money supply. According to experts, the prevalence of foreign currency deposits is connected with the two waves of devaluation - 21 February and 21 December, which led to the absolute loss of the manat to the US dollar. --17D-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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