The local banking sector has become more popular in the sense of creating an effective infrastructure to meet the needs of the economy in the capital and access to finance.
According to the State Committee for Securities (SCS), its Chairman Rufat Aslanli held a meeting on the matter with members of the Association of Banks of Azerbaijan (ABA).
According to Aslanli, the changes in the national stock market after the adoption of the law on the securities market will require the development of new tools. Under the current conditions (low oil prices, the devaluation of the manat) the success of long-term strategies depends on the responses to the financial challenges, he said.
ABA President Zakir Nuriyev, in turn, said that the meeting will help the formation of a new policy of modernization of the banking sector, noting the role of the banking sector in the policy of economic modernization in view of new challenges.
During the meeting the sides exchanged views on current trends in the securities market. --- 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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