The main buyer and seller of foreign currency to the population, Amrah Bank has closed all its offices for foreign exchange transactions today.
The bank’s representative confirmed that the purchase of foreign currency is not produced, citing some ‘internal rules’ without specification.
The bank employees also said they do not know when its cash offices will reopen.
Note that Amrah Bank is the main reference point for ordinary citizens when trading currencies. The profitable margin set by the bank for the purchase and sale of foreign currency was attractive to customers.
Earlier this role was played by Zamin Bank, after the closure of which Amrah Bank became the currency purchase and sale leader. -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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