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
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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