At present, work is underway to move to a fully floating exchange rate of AZN, the head of the Central Bank of Azerbaijan Elman Rustamov told reporters.
According to him, in the nearest future the Central Bank will announce the public its program on the transition.
He noted that the transition to a fully floating exchange rate of the national currency requires close coordination and decision on macroeconomic and structural problems.
“From the beginning of the year, we have already switched to a floating rate, and since February the Central Bank has not offered its money at auction. However, in the market there is a great imbalance between supply and demand,” he said.
Referring to the presence of the black currency market, Rustamov said the people will see results in the fight against this phenomenon in the near future. According to him, the Central Bank, the Financial Markets Supervision House and law enforcement agencies are working seriously. ------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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