During 10 months the international reserves (ISI) of the Central Bank of Azerbaijan decreased by about 60%. On May 15, reserves amounted to $ 10,581,540,000 against $ 17,782,940,000 in August 2014, when the ISI was marked by a peak.
We can say that the decisive role was played by 35% devaluation of the manat on February 21 this year. A month before it on 15 January to 15 February was a sharp reduction in the ISI - to $ 1.7 billion and after that, as compared with the mid-May ISI decreased by 29% or $ 2.8 billion.
International state reserves are those external assets that are available to and controlled by monetary authorities regulation in order to meet the funding needs of balance of payments deficits, interventions in the foreign exchange markets to influence the exchange rate and other related purposes (such as maintaining confidence in the national currency and the economy, as well as a basis for foreign borrowing). Reserve assets must be foreign currency assets and real ones. International reserves include only high-quality assets. -0-
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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