The Chairman of the Board of Directors of the Financial Markets Control House Rufat Aslanli gave an interview with ANS TV. According to him, FMCH has worked out an individual program designed for local banks to strengthen their financial stability against the background of the lack of fundamental problems that could disturb the public in their activity.
We remind readers that there are problems connected with last year's double devaluation of the manat against the US dollar (banks borrow money from the Central Bank and international financial institutions in this currency, returning the funds with interest once again in US dollars).
According to Aslanli, the share of banking assets in GDP due to the devaluation is 67% (in manats), four-fifths of which were formed in the past year due to these processes, since the majority of the assets are denominated in foreign currency. It turns out that in dollars, their share is one third of GDP. --17D-
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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