"Gazprombank": "The increase in Azerbaijan's non-oil and gas exports reduces the pressure on the manat"

"Gazprombank": "The increase in Azerbaijan's non-oil and gas exports reduces the pressure on the manat"
The increase in Azerbaijan's non-oil and gas exports ensures a greater supply of foreign currency in the local market, causing less pressure on the manat.

Qazet.az report  that this was stated by Gulnara Khaydarshina, Deputy Director of the Research Department of Gazprombank, Chief Economist for CIS countries.

According to him, this is shown by the low volume of sales at the weekly auctions of the State Oil Fund of Azerbaijan (SOF).

During the 10 months of 2022, non-oil and gas exports increased by 16.2% compared to the corresponding period of last year and amounted to 2.4 billion US dollars.

G. Khaydarshina notes that the situation in the currency market of Azerbaijan is stable and the volume of foreign currency sales in the auctions held by SOFAZ remains average.