Trading volume in the currency section of the Baku Interbank Currency Exchange (BBVB) in August 2012 was $ 71.749 million and 56.343 million manat.
This is a 17.8% decrease compared to the previous month and up 50% compared to August 2011.
The average volume of each transaction in e-trading system on USD / AZN reached this August $ 2.474 million, the average daily turnover - $ 3.417 million.
Just BBVB auction in August 2012 was attended by 8 banks. In the reported month, BEST carried out 42 trading sessions and registered 29 deals.
Stock exchange turnover for the eight months of this year amounted to the equivalent of 509.46 million manat, which is 14.3% less than in the same period last year.
The exchange rate of the national currency in the reported period rose by 0.03% - from 0.7848 to 0.7846 for 1 USD. The average rate of the U.S. dollar against the manat in August was 0.7853 AZN for 1 USD, while in July it was equal to 0.7853 AZN. - 15B -
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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