In exchange offices from February 16, there is a shortage of currency, mainly US dollars. In the wake of the CBA introduction of the currency basket a surge of financial crisis has been triggered at the household level.
According to the observations of Turan, small banks are also experiencing difficulties, even with cash manat. CBA has yet remained silent on the background of activation of depositors transforming financial savings during the devaluation of the national currency into US dollars or, less, into euros. For this reason, banks have been forced to violate the regulations on foreign exchange exposure, and some banks have even launched a campaign to attract USD deposits at high interest rates, which is contrary to the CBA instructions. Bankers are not stopped even by possible penalties from the regulator.
In response to the CBA decision to move to two-currency basket the banking market has decided to hold dollars in anticipation of further devaluation of the manat. The second day in a row manat has become cheaper by 0.05 kopecks. --17D-
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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