Following the decision of the Central Bank of Azerbaijan to switch national currency to a floating exchange rate, CJSC Azerbaijan Airlines (AZAL) Board held an extraordinary meeting on December 23.
At the meeting CJSC Azerbaijan Airlines President Jahangir Askerov instructed to consider a possibility of reducing air ticket prices for flights departing from airports in Azerbaijan Republic.
It was decided to consider optimization of ticket prices to such cities as Moscow, St. Petersburg, Kazan, Mineralnye Vody, Istanbul, Ankara, Antalya, Tel Aviv, Tehran, Dubai, Aktau, Kiev, Lviv, Minsk, Tbilisi etc. and report to the Board within 30 days.
Public will be provided with detailed information about the final decision.
Recall that due to the devaluation of the manat, there was a 48% increase in prices for air tickets on international airlines. Experts say that because of that the state-owned airline passenger traffic may decrease, since its pricing is not flexible and lags behind foreign competitors. ----08D
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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