The Central Bank of Republic of Azerbaijan (CBA) has published a report on monetary policy, which states that the prices of bread and cereals by 1 October rose by 10%. Oils and fats rose by 12.8%, vegetables - by 9.6%, coffee, tea and cocoa - by 10.4%.
These figures do not correspond to the State Statistics Committee claims, including that the consumer price inflation was, as at the end of last year, 1.4%. CBA here brought the average statistics for the first three quarters - 3.7%.
According to the CBA, the average price of 45 items of goods and services, including 3 non-food goods and 42 services, remained unchanged. --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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