August 5, Central Bank of Azerbaijan announced an increase in interest rates on refinancing of banks from 7 to 9.5%. The rate increased with the objectives of macroeconomic stability in the medium term, inflation expectations and the trends in the balance of payments, as well as financial market conditions.
The CBA believes that the new discount rate will affect the formation of stimulating the level of real interest rates in the money market for deposits in national currency. This will boost confidence in the manat. This will increase the attractiveness of the Central Bank for sterilization operations in the market.
In July 2015 the Central Bank discount rate was 3%. In February 2016, it was increased 5%.
The banks last received loans in a centralized manner at a rate of 9.5% in July 2006. --- 08D
Economics
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A briefing was held on National Press Day to discuss the implementation of the presidential decree on allocating financial resources for expanding Azerbaijan's broadcasting network.
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From 2015 to the first half of 2024, Azerbaijan's industrial zones produced goods worth 13.5 billion manats ($7.9 billion), with 4.4 billion manats ($2.6 billion) exported, according to the Ministry of Economy. In the first half of this year, sales in these zones reached 1.4 billion manats, with 477 million manats exported. Products from these zones were shipped to over 70 countries worldwide.
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A dynamic discussion on "Innovations and Challenges in the Advertising Market" took place in Baku, drawing the participation of approximately 70 entrepreneurs from the advertising sector. The event provided a platform for an in-depth examination of current trends and future prospects in the industry.
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"Aztelekom" and "Baku Telephone Communications" have announced that there will be changes in internet prices starting from August 15. The statement mentions that under the new tariffs, the minimum speed for subscribers will start at 100 Mbit/s. The payment per Mbit/s will be reduced from 0.45 AZN to 0.25 AZN. For instance, 100 Mbit/s internet will be offered for 25 AZN, 150 Mbit/s for 30 AZN, and 250 Mbit/s for 36 AZN.
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