From December 21 the manat depreciated against the dollar and the euro by nearly half.
On Monday, the official exchange rate of the US dollar amounted to 1,550 manat, which is 47.63% more than on 18 December.
The euro increased by 47.88% or AZN 0.5456 to AZN 1.6850.
CBA announced the transition to a floating exchange rate of the manat. These measures are motivated by a sharp drop in oil prices and the processes in the "global economy", the need to balance the payments, save foreign exchange reserves of the country and the international competitiveness of the national economy.
From now on, the rate of the manat will be formed primarily in accordance with the fundamental determinants of supply and demand in the foreign exchange market. Participation of CBA in the foreign exchange market will be in accordance with the present regime. At the same time, to ensure the safety of bank deposits and other deposits comprehensive measures will be taken for the financial stability of banks, increasing their liquidity, improving deposit insurance system," CBA stated. -06D--
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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