Since early this year SOFAZ has become an active player at the local market of currency auctions. Its role was support of the national currency manat, which rate has lost its previous stability, because of lack of funds in the Central Bank.
At the end of June Oil Fund sold $50 million a day at the auctions organized by the Central Bank. As a result $450 million of “oil currency” has been sold in June.
According to Interfax-Azerbaijan, since early year Oil Fund spent $2,436,900,000 for this purpose. During quarter 1, 2016 currency to the amount of $1,253,000,000 has been sold and during quarter 2, 2016 – to the amount of $1,183,900,000.—0—
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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