
USD and EUR Become More Expensive Even without Auction
On the morning of November 4 commercial banks increased the purchase and sale rate for the dollar and the euro, compared to 3 November, though there was no foreign exchange auction today. Thus, the highest USD rate is in Amrahbank: purchase - 1.702 manat, and sale - 1.722 manat. The euro rate is: purchase - 1.189 manat, and sale - 1.1914 manat.
Note that last 24 hours a number of commercial banks have twice increased the dollar and the euro against the manat.
But the purchase rate for the Russian ruble decreased due to the fall in oil prices. -02B-
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- Social
- 4 November 2016 11:31
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- Actual report
- 4 November 2016 11:54
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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