The February 11 auction to sell notes of the Central Bank once again did not take place due to lack of "appetite" at investors.
The bank offers short-term (maturity - 28 days) notes totaling 5 million manat. The interest rate on these securities for a long time has remained stable - 1% per annum, which is not in the interests of investors. Moreover, these securities are no longer in circulation. Experts note that this course of events pleases CBA, too.
"This policy causes increase in the money supply, as in the current economic climate there is no need to sterilize the manat. At the same time the Central Bank regulates the money market selling USD, seeking to stabilize the exchange rate USD / AZN,” a brokerage firm told Turan. ---08B
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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