Compulsory liability insurance of vehicle owners (CTP) in Azerbaijan will be only in electronic form from November 1. This was announced at a press conference by the Executive Director of the Bureau of Compulsory Insurance (BCI) Elkhan Guliyev.
However, he noted that the agreements on papers, which were signed before November 1, will be valid until their expiry date.
According to him, the BCI information is integrated with the portal of the State Payment System (SPP):
“If an insurance company's website organizes online sale of insurance policies, the contracts can be purchased directly. After the customer orders the product, we will receive the information through SPP. A message will be sent to the customer's mobile phone from the number 9707, which will indicate the billing code. The same message will be sent by e-mail. With the code, it will be possible to pay the insurance premium through post offices, banks, and Express Pay terminals. The contract will enter into force only after the payment," Guliyev said. ---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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