CBA expects current account surplus to continue to decline
The Central Bank of Azerbaijan (CBA) forecasts that in 2024 the surplus of the current operating balance of the country will be $7billion.
This was stated by CBA chairman Taleh Kazimov at a press conference. He added that in 2025 we expect a surplus of $6.5 billion.
As a reminder, in 2023, Azerbaijan's current account surplus was $8.3 billion to 11.5% of gross domestic product. This is down by 65% from 2022.
Finance
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The main reason for the sharp - 2.6 times as compared to the same period of 2023 - rise in foreign currency sold by the State Oil Fund (SOFAZ) in January-October 2024 is the needs of the state. Expert economist Rovshan Agaev said.
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The Central Bank of Azerbaijan has issued an official warning to the Baku Stock Exchange (BSE). This is reported on the CBA website.
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As of the end of June 2024, the 'Mortgage and Credit Guarantee Fund' had deposits in Azerbaijani banks in the amount of AZN 4.6 million. This is reported in the semi-annual financial statements of the Fund.
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The Central Bank of Azerbaijan (CBA) has issued a licence for currency exchange activity (‘Exchange’) to 'Money Shop' company.
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