Effects of 35% devaluation of the manat continue to affect the bank deposits of the population. As of June 1 for a month, they decreased by 1.5% and amounted to 7.6011 billion manats.
Of course, they still exceed the value of 1 January 2015 by 1,206,000,000 manats, but got leaky at 331.6 million mantas, following the devaluation of the national currency on 21 February when it was registered a record volume of deposits in the amount of 7,932,700,000 manats. Bank deposits fell after devaluation by 4.3%.
With the continued deterioration of economic indicators for the country and a protracted crisis can be expected to continue declining trend in contributions, but not to a great extent. In the context of financial and economic risks deposits with current interest rate of 8% -11% are more reliable source of income. The state guarantee on deposits is 30,000 manats for each deposit. -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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