The local banking system has provided additional liquidity of assets for 100 million manat. This was made possible by reducing the reserve requirements on deposits by Central Bank from 2% to 0.5%, the decision about which was made in late February against the background of the devaluation of the national currency.
According to the report of the main financial regulator, the Central Bank "holds the key" to problems that may be encountered by banks, and, if necessary, it is ready to assist them.
Recall, the Central Bank devalued the manat on February 21, after which it fell against the dollar by 33.45% - to 1.05 manat / $ 1 against 0.7862 manat / $ 1 on February 20. --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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