For the nine months, revenues of the Azerbaijani airlines in air passenger traffic totaled 159,531.6 thousand manats, which is 16.2% more than in the same period last year. However, the airlines are working with large losses.
The State Statistics Committee told Turan, that airline losses for three quarters reached 38 mln. The main part of the loss falls on monopoly - the national airline of CJSC Azerbaijan Airlines. In January-September, local airlines to transport passengers spent 197.6 million manat, which is 817.8% less than the same period of 2011.
The share of the second airline Turan Air accounts for only 1.5% of traffic and the situation is similar.
For the 10 months of the year local airlines transported 1,363.1 thousand passengers. This is 14.8% more than in the same period of 2011. The share of AZAL was 98.5% of the passenger traffic. - 08B-
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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