As of May 1, bank deposits amounted to 7 billion 685 million AZN (minus 18.9% to 1 January) and reduced from month to month - even in April against the background of foreign exchange reserves growth and the relative rise in oil prices the population did not trust banks, moving 203.9 million AZN from them.
Derived from the turnover are mainly savings in foreign currency (minus 22.1% to the beginning of the year - to 6 billion 277.3 million AZN), which make up 81.6% of all deposits. The situation is better in AZN - the proportion of the national currency reduced by 0.9% - to 1 billion 407.6 million AZN.
About the same comparative reduction befell residents (minus 18.9% - to 6 billion 683.7 million AZN) and non-residents (minus 18.8% - to 1 billion 1.3 million AZN).
According to the CBA as of May 1, the total amount of deposits in local banks was equal to 22 billion 558.1 million AZN (minus 3.7% as of 1 January). --17D-
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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