Money supply rose in September by 184.1 million or 1.5% to 12,402.4 million manat. Over the past 12 months, the volume of funds in manat economy grew at 2,772.1 million or 28.8%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system rose in September by 170.8 million or 2.2% to 8,315.4 million manat, and non-cash AZN - 3.3 million or 0.1% to 4,087 million manat. The share of the latter in the structure of the manat circulation decreased to 32.9%.
Broad money increased in the reported month by 340.3 million or 2.3% and for the year - by 21.3% to 15,343.3 mln.
The volume of foreign exchange supply in the banking system rose in September by 156.3 million or 5.6% to the equivalent of 2,941 million manat. Foreign exchange supply for a year contracted 2.7%. Manat resources in the total money supply were 80.8%, which was 4.7% higher than on October 1 of last year.
The total amount of the monetary base increased in September by 2.2%, while for the year - by 29% to 9,399.7 million manat. Manat money increased over the month by 223.4 million or 2.4% to 9,299.8 million manat. - 15V -
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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