An expanded meeting of the Central Bank of Azerbaijan dedicated to the results of 2016 was held. Speaking at a meeting, the head of the Central Bank Elman Rustamov noted the impact of oil prices on the current transaction account, the main role of the movement of capital and finance in the payment balance deficit and the work on the liberalization of the exchange rate.
The head of the Central Bank stressed that the liberalization of the exchange rate in the current economic environment has become an objective reality.
In his opinion, this is an important step to enhance strategic stability of foreign currency reserves, to effectively protect against the negative effects of the global economy on the country's economy, to enhance mobility of the monetary policy and macroeconomic efficiency. ----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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