In January-August, there was more active currency trading - in exchange offices the foreign exchange turnover amounted to 14 billion 27 million 982 thousand manats (on September 1 last year there was AZN 10 billion 196,730,000). Growth by 37.6% was due to the February devaluation and preferences for the dollar.
According to the Central Bank of Azerbaijan, the balance of banks in the foreign currency conversion transactions increased 1.79 times, and the volume of its sales has grown by half (+ 49.85%) - up to 10 billion 825 million 937 thousand manats (7 billion 224.64 million a year earlier). Purchase of foreign currency by banks has also become more intense - however, only by 4.17% - from AZN 2 billion 972 090 000 a year ago to the current AZN 3 billion 202,050,000. --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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