The Chairman of the Central Bank of Azerbaijan Elman Rustamov said that for 2016 he predicted a deficit balance of payments at the level of $ 5 billion.
Speaking on the draft state budget in parliamentary committees, Rustamov said that this is a significant figure, and 88-90% of the deficit is caused by problems in the movement of capital.
According to him, this is due to loans and debt obligations.
“There are problems of loans to companies under government guarantees, there are external debts of the International Bank of Azerbaijan, and we have to pay it off. We are implementing an international project - the construction of the TANAP gas pipeline, for implementation of which the state has to use its financial resources,” he 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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