On July 12 Azerbaijani commercial banks have bought at the auction by four times more dollars than usually. Thus, the State Oil Fund (SOFAZ) has sold at the foreign exchange auction of $100 million and the Central Bank of Azerbaijan sold another 100 million to commercial banks. A total of 29 banks participated in the auction, said the SOFAZ and Central Bank. Total for July SOFAZ sold the banks $200 million.
Until now at the auction were not sold more than 5$0 million some of which are not redeemed by banks. However, in the last 10 days, the entire amount of $50 million was sold without reserve, and today the amount of sales increased by four times.
Experts and officials have not commented on this fact, however, many observers predict the further cheapening of manat, and perhaps another devaluation. Against this background, the purchase of foreign currency by banks is becoming one of the ways to avoid losses. -02D-
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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