Expert of the Economic Research Center, Vahid Maharramov, does not doubt a substantial rise in price on imported products. In an interview with Turan, he said that a significant reduction in the rate of manat has already led to a rise in prices of agricultural products. "Due to the fact that such products are purchased in dollars, selling it for the same price cannot be expected to increase by 30-35%. Then on as much as the dollar rose to manat," he said and added that to keep price increases administrative methods fail. These methods will work for several weeks, and then prices will go up or products will disappear, he said. At the same time, may reduce some types of products, but it is possible in the case of falling prices on world markets. At the same time, lower oil prices, has created a new situation in large countries such as China and India. Cheaper oil has allowed these countries to save significant amounts that now they spent on the purchase of energy-dense foods in the world markets. "This was another reason for their increased cost, which will affect all customers, including the market of Azerbaijan," he said. -03B-
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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