The head of the Central Bank (CBA) Elman Rustamov reiterated that new devaluation in Azerbaijan will not happen.
"The manat has become stronger to foreign currencies in recent days. Furthermore, the budget includes a real oil price ($ 25). The price of oil is low, but stable. After the transition to a floating AZN exchange rate, there is no problem. Therefore, for any third devaluation there is no reason," Rustamov said in an interview with reporters.
Recall that on the eve of the two previous devaluations Rustamov also refuted the upcoming depreciation of the national currency, assuring that the situation is under control. However, in 2015 the manat fell twofold to the US dollar. -02D-
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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