At the end of 2015 the losses of CJSC Baku Subway amounted to 28.3 million manat, which is 2.7% more than in the previous year. This was stated by the financial report on April 22.
Last year, the subway earned 43 million manats, about 1 million more than in 2014. To cover the losses, the subway was provided grants from the state budget (37,998,199 AZN). Other income of CJSC Baku Subway in 2015 amounted to 9.5 million manat (+ 7.2 million AZN).
The main costs regard the subway staff salaries and wages. In 2015 (42.7 million manat) this did not change. About as much as in 2014 was spent on the purchase of materials – nearly 11.4 million manat. In 2015 the subway used electricity in the amount of 7.66 million manat (+ 2.2%).
In 2015 CJSC Baku Subway was allocated 374,300,000 AZN for investment purposes - 2.5 million manat less than in 2014.
As of January 1, 2016 the subway assets reached 2 billion 226.7 million AZN. This is 10.7% more than the year before. -----08B
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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