Ilham Aliyev signed a decree on the establishment of the Financial Stability Board. The text of the document was published on the website of the President, said that this structure is created in order to "minimize the impact of negative processes occurring in the world in the light of the global crisis," "creating a favorable economic environment," "trust in the banking system", "profitable conditions for entrepreneurs. "
The news structure has been created to "ensure that all of these conditions and to coordinate measures taken" and create a new structure, which will be headed by Prime Minister Artur Rasizade, said the decree.
Besides him, the Board included: Natig Amirov - Assistant to the President for Economic Reforms;
Samir Sharifov - Minister of Finance;
Shahin Mustafayev - Minister of Economic Development;
Elman Rustamov - Head of the National Bank;
Rufat Aslanli - the head of the Chamber of Control for the financial markets;
Shahmar Movsumov - head of the State Oil Fund.
Within a month the Council is to prepare an analysis of the financial system and the country's market conduct examination of legislation in this area, to make proposals to pre-empt possible negative effects in the financial sector, taking into account international experience.
To report to the Head of State on these matters at the end of each quarter.-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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