The Financial Markets Supervision Authority (FIMSA) will monitor the receipt of funds earned from exports, the Association of Banks of Azerbaijan (ABA) said.
ABA hosted a meeting of representatives of FIMSA, ABA and commercial banks, dedicated to the new Regulations of Import-Export Operations.
FIMSA will control the process on the basis of information received from banks regarding the admission of proceeds from exports to the bank accounts of the exporters.
To do this, each bank must obtain from his exporting client information in the electronic form regarding the value of the exported goods, and identify means of delivery and add the information in the electronic form. -------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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