In Azerbaijan, a legal entity of public law has become greater. This became known after the approval of the head of state changes in the law of Azerbaijan Republic "On the Central Bank of Azerbaijan".
CBA is not a state body and the fund, whose powers are limited to the activities of the organization and provision of interbank and other licensed centralized payment systems, as well as support the stability of the banking system, with the participation in the formation of monetary and exchange rate policy as one of the players.
According to the parliamentary amendments on February 23 and approved by the president on the eve of the country, the Central Bank is the lender of last resort. That is, the House oversight over financial markets may turn to him for a loan to other banks for a period of up to six months in order to maintain the solvency of banks and their liquidity.
In addition, the CBA can not issue a license for banking activities. --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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