Money supply rose in August by 247.3 million or 2.1% to $ 12,218.3 million manat. Over the past 12 months, the volume of funds in the economy rose by 2,648.5 million or 27.7%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system rose in August by 122.3 million or 1.5% to 8,134.6 million manat, and non-cash AZN - by 81.8 million or 2% to 4,001.9 million manat. The share of the latter in the structure of the manat treatment increased to 33.4%.
Broad money increased in the reported month by 300 million or 2%, and for the year it grew by 21.6% to 15,003 million manat.
The volume of foreign exchange supply in the banking system rose in August by 52.7 million or 1.9% to the equivalent of 2,784.7 million manat. Foreign exchange for the year increased 0.7%. Manat resources in the total money supply were 81.4%, up 3.8% compared to September 1 last year.
The total amount of the monetary base rose in August by 1.7%, while for the year - by 27.7% to 9,195.7 million manat. Manat money base increased over the month by 136.2 million or 1.5% to 9,076.4 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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