The Central Bank of Azerbaijan called fake the letter spread on its behalf the day before on its refusal of the AZN regulatory principles on the basis of the foreign exchange rate and precious metals in the bank.
"A letter has circulated in social networks, allegedly directed by the Central Bank to commercial banks of the country on a new course of the manat to the US dollar since March 18, 2016," CBA said. It notified that "the letter is forged and distributed for the purpose of misleading the society. The relative rate of the manat to the US dollar is determined based on supply and demand in the currency market in accordance with the policy of managed floating exchange rate announced by the Central Bank."
The letter to commercial banks previously circulated in social networks on behalf of the deputy chairman of CBA A. Babayev also said that since March 18, the manat rate is set at a ratio of $ 1 = 1.2833 manat. -0-
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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