On the deposit auction of August 22 the Central Bank of Azerbaijan raised AZN 30 million, the Central Bank reported.
According to Turan, AZN 30 million was raised for a period of 28 days. The weighted average rate was 9.49%.
Note that in the auction the Central Bank planned to raise AZN 50 million.
Note that this is the ninth deposit auction. The Central Bank has conducted such auctions since June 2016.
According to international practice, the main purpose of deposit auctions is the sterilization of money supply. At deposit auctions the Central Bank receives commercial banks' deposits for placement. ----76D
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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