The Central Bank's February decision to reduce reserve requirements on deposits from 2 to 0.5%, taken after the devaluation of the manat on Feb. 21, brought the banking system further 226 million manat.
According to the CBA review of the monetary policy in the first quarter, it has freed up a considerable part of the funds and sent them to the expansion of the loan portfolio and the solution of the problems.
Recall CBA devalued the manat on February 21 by tying the national currency to the currency basket (US dollar - euro). If the exchange rate of manat stood at 0.7862 AZN to $1 on February 20, the day later the course was at 1.05 manat to $ 1 (minus 33.45%). --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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