From January to May 2012 total arrival of cash to the banks reached 12.1 billion AZN, up 36.4% against the same period last year. Sale of foreign currency constituted the biggest share of arrival – 33.1%, 16.5% fell to sale of goods, 8.1% - payment of credits, 5.3% - inpayments through ATM , payments for services 4.1%, payments to the notary accounts during purchase of property -3.9%, receipt to deposit accounts – 3.5% and etc.
According to the Central Bank of Azerbaijan (CBA), deficit of cash turnover totaled 344 million AZN (+215 million AZN during May). During this period spending of cash totaled 12,444 billion AZN. This is 38% up against 2011. 28.1% of total costs fell to the costs related to supply of ATM, 27.6% - costs to purchase of goods and services, 11.1 costs for purchase of foreign currency, 6.5% - payment of credits, 5.3% - costs from notary accounts for property deals, 3% - payments from the deposit accounts and etc.
During 5 months 2012 cash residue totaled 320 million AZN, which is equal to 2.6% of cash arrival during this period.
In May average size of daily cash arrival was equal to 79,607 million AZN, while expenses – 81,866 million AZN.—0—
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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