In the first 11 months of this year 4,820 vehicles were delivered to Azerbaijan, which is 5.3 times less than in the comparable period of 2015. Experts point out that the situation in the car market clearly indicates the position of consumer demand and characterizes the economic crisis in the country.
According to the State Customs Committee, from the beginning of the year, 4,194 cars have been purchased abroad, 18,500 less than last year.
This year, the decrease in import of buses and minibuses (80) was tenfold, trucks (463) - fourfold, and special-purpose vehicles (83) - threefold.
Since January 2016 the excise rate for imported cars has been raised. The Ministry of Taxes has prepared and submitted a bill to Parliament, providing for an increase in excise taxes on expensive cars. It would be a kind of tax for the rich, according to the government. This step is planned to partially offset the decrease in revenues from car imports. ------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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