Formation of the audit institution and the financial sector meeting the modern and advanced European standards is one of the priority tasks of the Financial Market Control House. On March 30, at the first meeting this was said by the Chairman of the FMCH Board of Directors Rufat Aslanli.
Rufat Aslanli said that the institutional changes in the financial sector are carried out in order to minimize "the global financial and economic crisis" on the economy of Azerbaijan.
As the main objectives of FMCH Aslanli called the implementation of the state policy in the sphere of regulation and supervision of financial markets, the licensing of credit institutions, insurance and investment and so on finance companies and the fight against money laundering and terrorist financing.
It was committed to diagnose the depth and scale of the problems in the field of FMCH controlled sectors.
Today FMCH Board of Directors includes three people. According to the constitution, the President appoints all five of its members. ----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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