The Financial Markets Supervision Authority (FIMSA) did not prohibit the withdrawal of funds by customers from their bank accounts, said adviser to the head of the FIMSA Board of Directors Rufat Abbasov.
He recalled that from January 1, 2017, the law On Non-Cash Settlements came into force, according to which a special regime was introduced, as well as certain restrictions for non-cash settlements between taxpayers.
Abbasov stressed that, in connection with the application of the law, FIMSA was entrusted to verify the compliance of the withdrawal of funds from banks with the law On Combating the Financing of Terrorism and Legalization of Money and Other Property Acquired by Criminal Way.
“Within two months of the entry of the law into force, FIMSA conducted monitoring, in connection with which the banks were given additional recommendations, especially regarding operations that do not have economic goals. FIMSA also urges business entities to adhere to the requirements of the law On Non-cash Settlements, he said. ------71D
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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