Against the backdrop of the financial losses from falling stock prices of oil in January almost doubled (+ 95.6%) the volume of foreign investments, including foreign companies and international financial institutions. According to the State Statistics Committee, last month, the local economy received a recharge in the amount of 423 million 318.4 thousand manat.
The usual leaders were the British, as their business investments in January were 146 million 227.2 thousand manat (34.5% of all investments with growth of 94.7%). 5.6 times growth was observed at investors from Norway (82 million 105.8 thousand manat), and in the third place were the Turks - their investment in the local economy was 33 million 213.1 thousand manat (+67.7%).
The leader among international financial institutions is the World Bank (27 million 836.2 thousand manat or +43.16% compared to January of last year), while Asian Development Bank invested 6 million 449.3 thousand manat (minus 61.8 %). --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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