On the foreign exchange auction of the Central Bank on October 18 the consolidation of AZN stopped.
The auction began with a course of 1.5969 manats per 1 US dollar, and ended at the level of 1.5999 AZN.
After several large foreign exchange interventions of the Central Bank and the State Oil Fund the rising of USD against AZN, observed the whole summer was suspended on September 9 at the 1 USD / 1.6403 AZN level. During September and the first half of October AZN slightly strengthened.
Experts warned of a new wave of price hike for the US currency by the end of the year, during the execution of the external liabilities by banks and companies. -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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