The Group Veyseloglu announced price increase for imported and locally produced food and so forth goods, noting that it is a necessary measure due to the devaluation of the manat, and not an artificial increase in prices.
The company’s report says that the prices of imported goods increased by 30%, and those of confectionery produced by the plant Ulduz in Baku - by 20%.
Veyseloglu Ltd. operates since 1994. The company is the exclusive representative and distributor of over 100 companies from 20 countries including Wrigley, Colgate, Vesta, Orion, Sutas, Sunar, Pinar, Bonduelle, Ankara, etc. --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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