The President of the Central Bank of Azerbaijan Elman Rustamov said that the national currency manat adapted to an oil price of $ 45-55 per barrel.
Speaking at the discussion in the parliamentary committees over the draft state budget of Azerbaijan for 2017, he said that if the oil price increases or decreases by $ 10 compared with the same interval, the incomes of the population, respectively, will increase or decrease by 1.7 billion AZN.
At the same time the country's chief banker said that the return to the old economic model based on the oil factor will not take place. He stressed as a priority to achieve stabilization and, according to him, the growth of people's income is the ultimate goal for the state.
Rustamov said the serious discussion is underway in the Financial Stability Board, and work is proceeding on the transition to a new economic development model, which will cover structural and social reforms, and ensure macroeconomic stability. -----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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