Two-thirds of household deposits are in manat
Bank deposits of the population in Azerbaijan on June 1, 2014 amounted to 6643 million manat (+3.9% YTD).
According to the Central Bank of the Republic of Azerbaijan, the overall increase is observed amid falling in April by 1.2%. Nearly two-thirds (62.6%) of deposits of the population are held in the national currency - 4.1588 billion manat (+7%).
Other money, that is 2,484,200,000 AZN, is stored in foreign currency (minus 0.9%).
The volume of bank deposits of residents (persons residing in the country for more than half of last year) is 6,030.3 million manat (+7.3%), and those of non-residents are 612.7 million manat (minus 21%).
By June 1, the volume of deposits in banks in Azerbaijan was 13 billion 637 million manat (+ 9.3% YTD). - 17D-
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- Markets Review
- 4 July 2014 12:53
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- Economics
- 4 July 2014 14:30
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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