Central Bank's decision on the limit of $10,000 on remittances from Azerbaijan demonstrates the government's helplessness in the matter of retaining the currency of the country, said well-known economist Gubad Ibadoglu. According to the decision of the Central Bank, from 8 December residents and non-residents, including entrepreneurs - individuals without opening a bank account can daily transfer into foreign bank accounts no more than $1,000, and total up to $10.000 a month...
Commenting on this decision, the famous economist Gubad Ibadoglu wrote on his profile on Facebook that such limits are for people studying abroad.
"For example, at the Duque University, where I am a professor, tuition and housing costs per year are about $65.000. According to our limit, a parent who has a child studying at the university, must transfer funds during 6.5 months. On the other hand, the freedom of movement of the currency is an important issue for investors, he added. -71D-
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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