President Ilham Aliyev instructed the Financial Stability Council to approve and enforce the monetary program for 2017, as well as the plan of measures to ensure macroeconomic and financial stability in 2017 and the medium term.
The Council is instructed to expedite the implementation of measures to improve the health of OJSC International Bank of Azerbaijan.
On 15 July 2015 a decree was signed "On measures of improvement in relation to the preparation for the privatization of state-owned shares in the Open Joint Stock Company International Bank of Azerbaijan. For the purposes of this decree the State Joint-Stock Company Non-bank Credit Organization Agrarkredit was transferred bad assets of IBA worth over 5.6 billion manat. Instead, IBA received the same amount of money from the state budget and through the placement of bonds in the Central Bank.
* The Financial Stability Council was established on July 15 of this year. -----08D
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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