On January 12 was canceled 4% margin for setting exchange rates for commercial banks. It became known to Turan from banking sources, at the meeting of January 11 the head of the Central Bank with the heads of commercial banks announced a fully floating exchange rate of manat. It means giving up a 4% margin, which is calculated from the official national currency exchange rate set by the Central Bank of Azerbaijan.
After the announcement of the results of foreign exchange auction held on January 12, some banks have already crossed a 4% threshold.
According to other information from now on the currency auctions will be conducted three times a week - on Mondays, Wednesdays and Fridays.
However, the Central bank, remaining loyal to its non-transparent information policy, does not comment on these posts.
At the foreign exchange auction on January 12 the weighted average dollar exchange rate was 1.7867 AZN. -71D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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