April 13 The Central Bank of Azerbaijan has set the rate of the national currency to the US dollar: t US $1 - 1.0537 manat. This is lower than the rate on Saturday, which was 1,052. Thus, the "soft" devaluation of the national currency has been going for a week. This trend has caused another stir and deficit of dollars.
Exchange offices are buying dollars at 1.06 manat, and sell for 1,074 manat.
Earlier, the Central Bank explained that the rate of manat is based on the currency basket – the rates of the dollar and the euro. The growth of the dollar against the euro in recent days affects the rate of manat.
Previously the CBA announced it would no longer prop up the rate of national currency. -02В-
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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