The State Oil Fund of Azerbaijan reports that the auction sold $301.5 million in November. However, due to the non-transparent information policy of the Central Bank of Azerbaijan (CBA) there is no access to information on the sales volume of currency in November by the country's commercial banks.
Since October the foreign exchange auctions are held under the new rules, according to which commercial banks have the right not only to buy, but also to sell dollars.
According to expert, monthly demand for the US currency is $1 billion or $1.5billion.
However, since mid-October, the dollar is steadily increasing. In October 18 the dollar rate was worth 1.5969 manat, the exchange rate was established at 1.7339 manat in December 2. -71D-
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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