In the first half of this year, revenues from travel services to foreign nationals in Azerbaijan amounted to $ 1 billion 105.2 million, i.e. $ 0.5 million more than in the comparable period of 2014, the balance of payments for the period says.
Experts from the NGO Assistance to Economic Initiatives note that the first European Games organized in Baku on 12-28 June had almost no impact on the income from tourism services, although the government claimed that the disclosure of tourism potential was one of the important tasks of this sporting event.
Analysis of the data for the same period shows that the outflow of foreign currency from the country on tourist services greatly accelerated in this period. Azerbaijani tourists spent $ 350 million more abroad in H1, 2015 than in January-June 2014. According to estimates of the Central Bank, they spent abroad $ 1 billion 571.7 million manats.
Thus, the deficit of tourist services totaled 466.5 million manats.
Note that Azerbaijani tourists mainly visit Europe, Turkey, Georgia, Iran and Russia. ---08D
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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