The fifth deposit auction was held by the Central Bank of Azerbaijan on July 25.
The auction received a bid to attract 50 million AZN at the weighted average interest rate of 6.99%, which fully meets the demand of banks.
It was the maximum rate, and the minimum was set at the level of 4.01%.
According to the CBA, the funds are involved for 28 days.
The first deposit auction held on June 13 attracted 129 million AZN on average weighted interest rate of 6.49% per annum instead of the planned 150 million AZN. In the next three trades the application ranged from 37 million to 45 million AZN. -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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