Accounting Chamber Reports on H1, 2015
The Accounting Chamber of Azerbaijan spent on its own needs a total of 1,478,730 manats in H1, 2015.
According to the information on its website, in the budget law for this year the total estimated cost for it is provided at the level of AZN 3,892,140.
The bulk of funds in the reporting period were directed to pay the salaries of staff members (798,677 manats, or 54% of total expenditure). Contributions to the State Social Protection Fund (SSPF) amounted to 222,152 manats, expenses on other cash payments related to the payment of wages - 194,928 manat, travel expenses abroad - 55,713 manats, domestic travel expenses - 46,222 manat.
The Accounting Chamber of Azerbaijan, accountable to the parliament, has operated from December 7, 2001 as the authority controlling the flow of budgetary funds of Azerbaijan.
Its executives (members of the Board, which includes the chairman, his deputy and seven auditors) are elected every 7 years.
This body is usually limited to generalities about the Board meeting, without giving specific numbers or data. According to Article 6.0.3 of the Law of Azerbaijan Republic "On receipt of information" ("Basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government institutions, including the Accounting Chamber. --17D-
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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