Last year the Central Bank of Azerbaijan (CBA) sold foreign currency in the amount of $ 8.42 billion to customers, including commercial banks of Azerbaijan. As stated in the report on monetary policy on its official website, the year before the CBA preferred purchase of foreign currency ($ 143 million).
Most of dollars and Euros were sold to customers in the first quarter of last year ($ 3.9 billion), followed by the fourth quarter ($ 1.97 billion). From July to October, it sold $ 1.51 billion, while in the second quarter - $ 1.04 billion.
Through exchangers the population was sold $ 8.8 billion by banks. (+ 47.4% to 2014), and the first quarter is again the leader against the backdrop of the February devaluation of the manat ($ 4 billion 332 million plus 244 million Euros).
The CBA reports that in two stages of the devaluation the national currency slipped against the US dollar by 98.8%, and by 79% against the euro. --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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