The international assets, excluding the State Oil Fund of Azerbaijan, fell in August by $ 229 million, or 1.9%, to $ 11,703.5 million. Compared to the beginning of 2012, this figure increased $ 539.78 million or 4.8%.
According to the Central Bank of Azerbaijan, funds in various foreign currencies (primarily U.S. dollars and euros) reduced to $ 11,450.29 million. The cost of the basket of Special Drawing Rights (SDR), which pays for the country's share in the authorized capital of the International Monetary Fund, increased 0.8% to $ 253 million.
For the annual period the country's international assets increased $ 4,006.3 million, or 52%. -15B-
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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