Questions of the macroeconomic situation, the development of non-oil sector, economic processes, the new regime of currency regulation management strategy were discussed during the meeting of the head of the Central Bank of Azerbaijan Elman Rustamov and the advisory mission of Article IV of the IMF Agreement, headed by Mohammed al Gorchi.
According to the press service of the CBA, the mission commended steps to ensure the stability of the economy, support the financial stability, the banking sector rehabilitation, and management of currencies exchange rate.
It was noted that the new policy regulating currency exchange rate provides an additional incentive for the development of the economy, strengthens its international competitiveness and export potential, which ensures the stability of the international balance of payments and the country's solvency.
At the meeting the sides discussed issues of cooperation between the IMF and Azerbaijan.
The IMF mission held talks with the Minister of Finance Samir Sharifov.
The IMF supported the government's actions and agreed to maintain close political dialogue and to strengthen technical assistance. -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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