Tools of monetary easing are intended to introduce this year by the Central Bank of Azerbaijan.
As stated in the press release of the CBA, the main task of the regulator of financial flows in the current financial cycle is to actively support the preservation of macroeconomic stability aimed at maintaining economic growth and social welfare.
"In order to support economic development, the Central Bank will use the possibility of monetary policy, especially monetary easing tools. In addition, the Central Bank plans to ensure the stability of the financial sector through immunization activities and flexible risk management, promote the empowerment of the business environment to obtain long-term loans," is emphasized in the press release.
In addition, the Central Bank intends to implement measures aimed at reducing the rates on bank loans, and incentives to attract long-term resources to the banking sector. --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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