There is pressure on AZN and this process will continue at least until the next year, the economist Natig Jafarli said.
In an interview with Turan the expert noted that he is not waiting for sudden shocks, but before the end of the year through a soft devaluation the dollar will rise to 1.80-1.90 manat.
“The US Federal Reserve will certainly increase the interest rate, the oil began to fall in price last week, the import of products in connection with New Year holidays will be increased, and the number of people traveling on holidays will grow. All this creates a high demand for foreign currency,” he said.
According to him, the value of the manat after the New Year will depend on the processes in the world.
“It's hard to say how things will be after the New Year. But in 2016 the dollar will not stop the growth,” Jafarli said. --71B
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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