International assets of Azerbaijan, without the consideration of the funds of the Oil Fund of Azerbaijan, fell in June by $ 37.3 million, or 0.3%, to $ 13,125.69 million ( in May reserves decreased by 0.2% ). Compared with the beginning of the year this figure increased by $ 882.28 million or 7.2%.
According to the Central Bank of Azerbaijan, in the structure of international assets in the reporting month decreased funds in various foreign currencies (primarily U.S. dollars and euros) to $ 12,892.13 million. The cost of the basket of Special Drawing Rights (SDR), in which the country's share in the authorized capital of the International Monetary Fund was paid, decreased by 3.3% to $ 233.37 million.
Over the year the country's international assets increased by $ 1,624.86 million or 14.1%. --15В--
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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