On the foreign exchange auction of the Central Bank of Azerbaijan on Thursday the dollar rose from 1.7296 to 1.7351 manat. The auction was attended by SOFAZ.
Note that this is the first rise in price of USD to AZN in February.
Even before the start of the auction on February 16 commercial banks slightly increased the buying and selling rates of the dollar and the euro.
Today, the dollar buying rates at commercial banks ranged from 1.72 to 1.75 manat per dollar. The selling rate started from 1.80 manat.
In the last three days the rate of purchase and sale of EUR has also grown significantly.
Recall that in the first half of February the manat strengthened against the dollar by 19 kopecks or 10%, which has been called by experts "currency speculation" at the bank level. -71D-
Economics
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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