16:25 - 21.07.2022

---

July 21, Fineko/abc.az. Sales of foreign currency by the State Oil Fund of Azerbaijan (SOFAZ) slowed further in June to $278 million (11% less than a year ago), amid weaker demand for foreign currency.

ABC.AZ reports that according to the July bulletin on the economic review of Azerbaijan, this allowed the Central Bank to increase reserves in June (an increase of 2% versus May) and cover 6.2-month imports.

"The trade surplus continued to increase as export growth outpaced import growth. Exports more than doubled in May compared with last year, mainly due to energy exports, which increased significantly both in volume and in price. In May, the export price of natural gas rose to $816.6, which is the highest figure in the entire history of observations. Exports of the non-energy sector increased by 10% over the year. On the contrary, imports increased by 26.7% in May in line with the strengthening of domestic demand, resulting in a cumulative import growth of 17% in the first 5 months of the year.