As of August 1, foreign exchange reserves of the Central Bank of Azerbaijan Republic (CBA) totaled $ 8.5 billion (minus $ 18.7 million to July 1). According to the report of the main financial regulator, for 7 months this segment of stability decreased $ 5.26 billion or 38.2%.
The most massive reduction in foreign exchange reserves accounted for December 2014 and March 2015, when amid falling stock prices of oil the dollarization of deposits increased. Recall that this trend has recently been voiced by CEO of CBA Elman Rustamov, speaking with an interview on the official television channel of the country. He believes that this trend will continue. --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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