USD Rises Sharply in Azerbaijani Banks
In recent days, the commercial rate of AZN has fallen significantly and the Azerbaijani banks conduct foreign exchange operations with an extremely acceptable margin of 4%.
So, the official rate of the Central Bank as of 24 June amounted to 1 USD = 1.5332 AZN (this rate will continue in the coming three days), but in commercial banks USD could be bought much more expensively - for 1.58-1.594. At the same time, many banks do not sell more than 500 dollars to a single buyer.
Such a sharp appreciation of the dollar is due to the fact that the Central Bank has been steadily lowering the AZN rate for a third week in a row. On the other hand, the excitement was triggered by the collapse of many of the world's currencies against the USD due to Brexit.
Azerbaijani experts predict a further decrease in the AZN exchange rate and even a new devaluation. A Member of Parliament, former First Vice-Premier of the government, Vahid Ahmadov in particular predicted rise in price of the dollar to 1.7-1.8 AZN. -03D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review