According to the State Statistics Committee, by 1 November capital investments in Azerbaijan's economy amounted to 11 billion 889.2 million manat (nominally minus 26.3%, but really due to the devaluation decreasing twofold compared to January-October of the past year).
According to the directions, it looks like this: facilities were allocated 9 billion 593.3 million manat or 80.7% of total costs, 1 billion 807.8 million manat (15.2%) was invested in service facilities and only AZN 488.1 million (4.1%) – in housing development.
In contrast to the past five years, most of the foreign capital amounted to 59.1% or AZN 7 billion 22.9 million, and local financial injections amounted to 4 billion 866.3 million manat.
More than two thirds (67.3%) occurred in private equity and made up AZN 8 billion 1.5 million. The oil sector was invested 60.5% of all capital expenditures - 7 billion 191.9 million manat. --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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