In the foreign exchange auction of the Central Bank on January 25, the dollar rose sharply, reaching AZN 1.9052. That is, the US dollar exchange rate increased immediately by 4.93 kopecks or 2.6%.
Recall that on the January 23 auction the dollar was AZN 1.8559.
Note that this is one of the most abrupt jumps of the dollar at auction. Prior to this, the maximum increase at auction amounted to 2 kopecks.
At the 1.9052 USD rate, commercial banks will also increase the rate of sale and purchase from 1.86-1.93 manat to 1.91 – 1.98 manat per US dollar. EUR will also accordingly rise against the manat. -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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