Azerbaijan has created the first public entity - the Chamber of Control of the financial markets.According to the presidential decree, the new body is intended to license, regulate and supervise the securities market, investment funds, insurance companies and credit institutions (banks, micro-finance organization and the postal operator), as well as payment systems. Also, it will improve the monitoring system of combating the legalization of funds and property obtained by criminal way. The ultimate goal, according to the document, is transparency and mobility created by the monitoring system.The new structure with its charter and the charter fund will operate under the president.Its leadership consists of the five people: the chairman of the State Securities Committee RufatAslanli;AsimMammadov, Chairman of the Supervisory Council of JSC «Khalq Bank», Jalal Gasimov, Chairman of the Supervisory Board of «Kapital Bank», FaigHuseynov, Chairman of the Board of JSC «Unibank», RovshanJavadov, the head of the investment department of SOFAZ, and ZakaMirzyaev, head of the sector for regulation of the financial and insurance markets, Ministry of Finance. --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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