Money supply increased in November 2012 by 86 million or 0.7% to 12,649.6 million manat. Over the past 12 months, the volume of funds in manat economy grew at 2657.7 million or 26.6%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system for the first time in the last 15 months fell in November by 31.9 million or 0.4% to 8383.6 million manat. Non-cash increased by AZN 118 million or 2.8% to 4,266 million manat. The share of the index in the structure of manat circulation increased to 33.7%.
Broad money increased in the reported month by 181.11 million or 1.2%, and for the year it grew by 23% to 15,787.7 million manat.
The volume of foreign exchange supply in the banking system grew in November by 95.2 million or 3.1% to the equivalent of 3138.2 million manats. The share of foreign exchange for the year increased 10.5%. The share of manat resources in the total money supply was 80.1%, up 2.2% compared to December 1, 2011.
The total amount of the monetary base increased in November by 0.7%, while for the year - by 25.8% to 9427.3 million manat. Manat money increased over the month by 54.7 million or 0.6% to 9,346 million manat. - 15V -
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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