On June 1, total foreign liabilities of local banks (out of 45) were at 6 billion 982.1 million manats (+ 40% on 1 January), the report of the Central Bank of Azerbaijan said.
Over the six months almost by a half (+ 48.1%) increased the total foreign assets of local credit institutions (withdrawal of money abroad), reaching 4 billion 669 900 000 manats. It should be noted that in May, the outflow of capital was reduced by 6.5%. Recall, the trend of growth of foreign assets was caused by the February devaluation of the manat.
The external liabilities of banks in Azerbaijan are formed by loans taken from non-residents, attracted deposits from non-residents, and securities placed in the non-resident. --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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