The Central Bank of Azerbaijan to maintain the exchange rate of manat purchased nearly USD 1 billion from January to July. However, $ 967.4 million is not a record as 20% more was spent in the first half of last year.
According to the bank review of monetary policy on the bank’s website, in the reporting period, the proposal on the currency market exceeded demand. As a result of these measures, the rate of the manat against the dollar during the reporting period appreciated by only 0.03%. "The stability of the national currency had a positive impact on the macroeconomic environment and the stability of the financial sector of Azerbaijan," the document says.
Following the results of the past year, the Central Bank of Azerbaijan to maintain the national currency purchased foreign exchange in the amount of $ 2 billion 457 million. As a consequence, the manat against the dollar appreciated by 0.06%. --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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