During the last meeting the Central Bank of Azerbaijan Republic (CBA) decided to reduce the interest rates on a range of banking products.
According to the information of the main financial regulator, it will be done by supporting the optimization of operating costs of banks, as well as reducing the cost of financial resources.
In particular, it was decided to lower the tariffs for interbank payments through the local system of large payments (AZIPS) twofold. They also changed the tariffs for spending cash. For example, they abolished the commission of 0.15% for the provision of cash denominations of 50 and 100 manat. The rate for the second and subsequent submission or payment of cash in a single day was reduced to 0.05%.
The Central Bank has also approved the methodological guidance on responsible lending from banks and non-bank credit organizations. --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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