In 2016 International Transport Corridor Europe Caucasus Asia (TRACECA) transported 7.9 million tons transit cargo, which is 16.8% less than in the previous year, the State Statistics Committee.
From the transit the railway transport and the Shipping Company saved 189 million 177.4 thousand manat. This is 52% more than in 2015. Revenue growth is associated with the devaluation of the manat: transport companies perform transit of goods in hard currency and income is recorded in the accounting records in the local currency.
Azerbaijan is a member of the TRACECA transport corridor project, actively supported by the European Union. The corridor provides cargo owners more convenient tariffs for transportation. Reduction in the volume of traffic on this corridor is due to the weakening of trade relations of the countries located in this corridor in connection with the fall in global crude oil prices. -----08D
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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