The February devaluation has had effect on the volume of foreign liabilities of local banks. From abroad from January to May were attracted loans and securities in foreign currency equivalent to more than 3 billion 66 million manats.
According to the report by the Central Bank (CBA), by May 1, the external liabilities changed in different directions - in April decreased by 207.6 million manats (2.83%), and since the beginning of the year - increased by 43% to 7 billion 130 5 million manats.
At the same time the largest share was for foreign assets, whose total volume in the local banking system is 4 billion 996 900 000 manats (+ 58.5% YTD).
The external liabilities of banks include loans, deposits and securities from non-residents. --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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