The Central Bank of Republic of Azerbaijan (CBA) issued a report on monetary policy for the first half of 2015. According to the authors, consumer price inflation made up 3.5% in Azerbaijan by July 1.
Most of all from January to the end of June, prices rose for oils and fats (11.8%), fruit (10.5%), bakery products (9.5%), coffee, tea and cocoa (9.4%), local agricultural products (8.7%). Food crop production fell by 15.6%, fish and fish products - by 3.8%, and animal products - by 1.5%.
The report's authors believe that the results were impacted by high inflation in partner countries, as seasonal factors and changes in world food prices played a fall in inflation. --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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