Baku: Transactions involving the purchase and sale of cash Russian rubles by banks in Azerbaijan witnessed a significant decline in 2024, with the total volume reaching 8 billion 376.9 million rubles. According to APA-Economics’ calculations based on data from Azerbaijan’s State Customs Committee, this figure marks a steep reduction of 2.1 times or 9.1 billion rubles compared to the previous year.

According to Azeri-Press News Agency, the decline is primarily attributed to a substantial drop in banks’ purchases of cash Russian rubles, which fell by 2.6 times from 2023 to 5 billion 712.1 million rubles. In contrast, the sale of cash Russian rubles experienced a rise of 8.3%, totaling 2 billion 664.9 million rubles during the same period.

It is noteworthy that the average exchange rate of 1 Russian ruble in 2024 was recorded at 0.0182 manat. This exchange rate context is crucial for understanding the dynamics of currency transactions and their impact on the overall financial landscape in Azerbaijan.