The fall of the manat was provoked by the commercial banks of Azerbaijan. This conclusion was made by the Central Bank of Azerbaijan, arguing that private financial institutions twice (in November and in January this year) provoked a mass conversion of accounts - from AZN mainly to USD.
According to statistics, during this period the rates of return on foreign currency deposits was more than 0.6% higher than the rates on manat deposits. In November, the gap was + 0.57% in favor of foreign currency, in January it was + 0.64%, which allegedly contributed to the activity of investors.
According to experts of Turan, CBA is misleading the public, since the motion of the finance from AZN to USD and partly EUR began because of long-term decline of stock prices of oil, as well as absence of an exchange market tied to the international specialized entities in Azerbaijan. --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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