By March 1, the foreign exchange reserves of the Central Bank of Azerbaijan were at $ 4 billion 26.3 million.
According to the information on the Bank’s official website, this means a reduction from the beginning of the year by about a fifth (down $ 990.4 million). This is due to periodic release of USD for auctions to support the activities of banks, while experts believe that after the adoption of amendments to the Law On the Central Bank by the Parliament this practice will be discontinued.
Recall, the highest level of reduction of foreign exchange reserves of the CBA has been marked in the past year - from January to the end of December of the reporting period, they decreased almost 2.8 times. --17D-
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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