During three quarters, 2015 $5.7 billion has been invested directly into the Azerbaijani economy from abroad and 88.2% of all investments fell to the oil and gas industry, reads the payment balance posted on the web site of the Central Bank (CBA).
Direct investments into the Azerbaijani economy decreased by 1.72% against January-September 2014. From January to September 2014 this index totaled $5.8 billion.
These investments have been used to fund big oil and gas projects in Azerbaijan implemented by BP, including development of the Shah Deniz Phase 2 and offshore bloc of fields Azeri-Chirag-Guneshli.
According to CBA, during this period direct investments into the non-oil sector totaled $678 million or 11.8% of total volume of investments into the economy. This is down 20.7% against the same period last year. From January to September 2014 the amount of foreign investments into the non-oil sector of Azerbaijan totaled $855 million.—0-
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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