Weekly review of main events in Azerbaijan's financial market

Finance Materials 4 September 2021 21:04 (UTC +04:00)
Weekly review of main events in Azerbaijan's financial market

BAKU, Azerbaijan, Sept. 4

By Zeyni Jafarov - Trend:

The Central Bank of Azerbaijan (CBA) informed this week about increase of its foreign exchange reserves by 8.6 percent as of late August 2021 compared to the same period of 2020, exceeding $7.04 billion, Trend reports.

According to the CBA, the monetary base in Azerbaijan increased by 19 percent on annual basis as of late August this year up to to 14.1 billion manat ($8.3 billion).

Besides, this week the European Bank for Reconstruction and Development (EBRD) disclosed the portfolio of projects in Azerbaijan as of early August 2021.

According to the EBRD, the portfolio amounts to nearly 1.13 billion euro and is intended for the implementation of 35 projects. Nearly 22 percent of the investments accounts for private sector.

Along with the above, according to the ‘Export Review’ of the Center for Analysis of Economic Reforms and Communications of Azerbaijan, in the first seven months of this year, foreigners spent Azerbaijan 288.2 million manat ($169.5 million) using bank cards, which is 5.1 percent less compared to the same period of 2021.

Azerbaijan's exports from January through July amounted to $11.4 billion, of which $1.4 billion accounted for non-oil sector, and grew by 30.5 percent over the year. Azexport portal carried out export orders worth $283.6 million.

was also reported that the total volume of securities transactions at the Baku Stock Exchange (BSE) increased by 49 percent in the first eight months of 2021, compared to the same period of 2020, approaching 10.7 billion manat ($6.29 billion).

In the outgoing week, Azerbaijan recorded a fall in the exchange rate of the manat against the euro and the ruble and a decline in prices for precious metals.


Follow the author on Twitter: @jafarov_zeyni