The Central Bank of Azerbaijan does not track the actual currency market – on Friday to Monday the exchange offices of commercial banks did not sell dollars. Turan’s correspondent interviewed traders who reported that they were waiting from “orders from the top", while willing to take foreign currency for exchange.
The dollar against the manat exchange in different exchange points of Baku was different - to buy - from 1.45 to 1.55, for sale - 1.65 - 1.85, but, as noted, this service is not available.
Meanwhile, the Central Bank of Azerbaijan today unveiled the opinion that "rumors about another devaluation of the national currency of Azerbaijan and the increase in the dollar rate to two manat are unfounded." In fact, close to the exchange points there were money changers with bundles of dollars sold for this course - on May 28 Street USD is sold for 1.8 - 2 AZN per USD.
Recall, December 21 CBA announced a "floating" exchange rate of the manat (minus 47.7% against the dollar and 48% against the euro), but the banks do not comply with this ratio, capitalizing on the difference - all exchange offices operate under certain commercial banks. --- 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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