President Ilham Aliyev returned to parliament for revision the amendments to the law "On Currency Regulation" adopted on 19 January. According to the assistant to the president office on economic reforms, the President withdrew the document after "numerous requests from entrepreneurs and investors."
The essence of the amendments was tightening and restricting the transfer of funds abroad, which provided the retain of 20% from the transfer of $50,000 abroad for buying a real estate. The amendments have been criticized by the international financial community. The Minister of Finance Samir Sharifov urged in economic feasibility of tightening.
The MP Fazil Hajiyev said the decision of the president the right step. According to him, initially the head of state " was misinformed", and the establishment of restrictions on the export of capital deterred investors. According to Hajiyev, the Parliament, is likely to cancel all the changes made previously. -16D06-
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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