US Dollar Rises in Price Again on Foreign Exchange Auction
On the foreign exchange auction of the Central Bank of Azerbaijan on Tuesday, the US dollar rose again.
The auction began with a rate of 1.7246 and ended at 1.7306 AZN.
Commercial banks have a 4% margin at the sale and purchase of foreign currency.
In the black market currency dealers buy and sell the currency 8-10 kopecks more expensively than the official rate is. ----71D
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- 29 November 2016 11:44
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- Economics
- 29 November 2016 12:10
Economics
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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.
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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.
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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.
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"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.
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