The slight strengthening of AZN in September (the rate as of August 31 was $ 1 to AZN 1.6321, as of September 30 - $ 1 to AZN 1.6211) reduced foreign exchange reserves of the Central Bank of Azerbaijan (CBA) by $ 59.8 million, or 1. 43%.
According to the statistics of the Central Bank on its official website, as of 1 October they accounted for $ 4 billion 132.7 million (minus 17.6%, or the equivalent of 884 million AZN as of 1 January).
The reduction of foreign exchange reserves gained momentum from July to December 2014. With decrease in the exchange price of oil, currency was exported abroad, while local deposits were transferred mostly to US dollars and partly to Euros. Since the beginning of the first wave of devaluation on February 21 last year, the reserves fell from $ 14.3 billion to $ 4.3 billion by January 1, 2016.
From March to August, there was a small inflow of foreign currency (+ 6%) to CBA that released the manat to "free floating", but in September there was a decline again associated with intervention to prevent the fall of the national currency. --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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