Azerbaijan economy
Macro block: the CBA held its policy rate at 6.5% and moved the next decision to October 29, while note yields and money aggregates point to excess liquidity. External trade remains oil- and gas-driven, the remittance surplus rose 74.1%, and cash FX demand exceeded supply by $673 million. The ADB cut its 2026 GDP growth forecast to 1.6%, with sector data moving in different directions.
FinFly Watch: follow a project from announcement to outcome →
← All live topicsOil and Gas in Exports: Two Lines, Two Dimensions
For January–August 2026, customs valued oil exports at 9281.9 million dollars and gas at 5710.9 million, with total exports of 21815.04 million US dollars.
Economy · September 23, 2026CBA 28-day note yield rose to 6.56% with sterilization volume of 1,802.5 million manats
The auction on September 16, 2026 gave 6.56% versus 6.26% a week earlier and 5.63% at the end of July — the price of short liquidity in manats is again higher than in mid-summer.
Economy · September 23, 2026Azerbaijan's Cash Currency Demand Exceeds Supply by $673 Million
The Central Bank of Azerbaijan reported that in January-August 2026, cash foreign currency purchases exceeded sales by $673 million. The regulator's foreign exchange reserves grew by 32.9% to $15.3 billion.
Economy · September 23, 2026Azerbaijan's Remittance Balance Up 74.1%
In January–August 2026, Azerbaijan's remittance balance reached $751 million, up 74.1% year-on-year. The Central Bank of Azerbaijan (CBA) may raise its current account surplus forecast.
Real Estate · September 23, 2026Azerbaijan Boosts Revenue from Privatization and State Property Lease by 20.2%
In January–August 2026, Azerbaijan's state budget received 152.5 million manats from privatization and lease of state property, up 20.2% year-on-year.
Economy · September 23, 2026Azerbaijan's Central Bank Moves Rate Decision to October 29
Azerbaijan's Central Bank will announce its interest rate corridor decision on October 29 instead of November 4. The press conference has also been rescheduled.
Economy · September 23, 2026Azerbaijan's Central Bank Keeps Policy Rate at 6.5%
The Central Bank of Azerbaijan left its policy rate unchanged at 6.5%, lowering the lower bound of the interest rate corridor to 5% while keeping the upper bound at 7.5%.
Economy · September 23, 2026ADB cuts Azerbaijan's 2026 GDP growth forecast to 1.6%
The Asian Development Bank lowered its forecast for Azerbaijan's economic growth in 2026 from 2% to 1.6%, keeping its 2027 estimate at 1.8%.
Economy · September 23, 2026Non-oil and gas industry is growing faster than the entire non-oil economy
Industrial output added 5.4%, non-oil and gas GDP — 2.1%, investment — 1.4%. Why three positive indicators do not mean an equally broad upturn.
Economy · September 22, 2026AZIR below the policy rate: what this means for short-term funding
The upper bound of the CBA corridor is 7.5%, the policy rate is 6.5%, and the one-day interbank AZIR rate had fallen to 5.8077% by September 17, 2026.
Economy · September 22, 2026Euro weakens against the manat, dollar unchanged: what this means for the contract currency
Over the month, the official EUR/AZN rate fell from 1.9877 to 1.9507 manats, while USD/AZN on the same dates remained 1.7 — the movement came through the euro, not through the manat against the dollar.
Economy · September 22, 2026Azerbaijan's economy grows by 1.2% — industries move in different directions
Rapid growth in communications and transport coexists with a decline in construction. Overall GDP hides different conditions for business, and industry percentages cannot be added together.
Economy · September 22, 2026Credit More Expensive Than Deposits: What the Rate Gap in Manats Shows
The average manat rate on loans in August 2026 was 15.74%, on deposits — 9.12%. The gap persists, but by itself it proves neither a rise in funding costs nor an increase in margin.
Economy · September 21, 2026Azerbaijan's Reserves: Why $90.8 Billion Is Not Only a CBA Indicator
The country's strategic reserves and the CBA's foreign exchange reserves have different coverage. We examine what a large stock says about the buffer — and what it does not promise business.
Economy · September 21, 2026Deposit rate in manats: August pullback amid annual growth
The average manat deposit rate in August 2026 declined from July but remained above last year's level — this changes not the direction, but the sensitivity of the cost of funding.
Economy · September 21, 2026CBA notes in circulation rose noticeably, while money market rates behaved differently
The outstanding balance of CBA notes in circulation rose from 483.8 million manats in June to 1802.5 million manats in September, while note yields and the interbank rate moved unevenly.