In November, 1,428 new and used vehicles were delivered to Azerbaijan. This is 9.5% more than in October, when 1,304 cars were imported, the lowest figure for at least the past 10 years.
According to the State Customs Committee, over 11 months were imported 25,647 different vehicles. This is more than twice less than in the comparable period of 2014 (56.8 thousand).
Experts point out that one of the reasons for the reduction of purchases of cars abroad is the restriction on the financing of car loans by banks caused by the deterioration of the situation in the banking sector. In addition, car loans are issued in US dollars and therefore, due to the instability of the manat, car lovers refrain from such a risky step, experts say.
In addition, from January 2015 there have been increased excise rates on imported cars, which further aggravated the situation in the market.
It should be noted that this year mainly imported were cars (22,746). ------08B
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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