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Currency Exchangers are in a Fuss
On Saturday currency exchange offices in Baku restricted the sale of currencies. "We do not have dollars," said one of the owners of the exchange office. In the morning on the scoreboard showed an increase of 0.01 points; for sale: $ 1 = 1.07 manat, purchase: $ 1 = AZN 1.06.
Exchange offices are in anticipation of another possible devaluation of the manat, rumors of which became worse after the fall in oil prices to $37 per barrel.
After the first 35% devaluation of the manat in February this year, the head of the Central Bank Elman Rustamov said about the possibility of another devaluation in the event of a fall in oil prices below $ 40.
The flames were fanned by raising interest rates by the Federal Reserve System. Azerbaijan Central Bank was forced to make a statement that did not make any statements about the influence of the ratio of US dollar and manat rate hike by the Federal Reserve System. The rate of manat against the US dollar remained stable, according to the CBA. However, the more neutral statement caused suspicion in a society that has examined the eve of the report published by the Central Bank of Azerbaijan's payment balance. The current account surplus on it by October 1, was at $ 240.5 million. This is by 37.7 times less than in January-September of last year ($ 9 billion. 65.4 million.) - 0-
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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