Turnover of money transfers in the banking system of Azerbaijan made in January-August 2012 the equivalent of 1,108.2 million ($ 1.4 billion). Compared with the corresponding period last year, it's 203.8 million or 22.5% more. The revenue doubled the amount of shipments, which in turn increased by 50% compared to the same period last year.
In August, turnover transfers made 168.2 million manat, up from last year August by 31%.
According to the Central Bank of Azerbaijan, the average amount sent increased from AZN 877.3 in January to 930.2 manat in July and received - from 594.7 to 615.4 manat. The number of sent transactions grew from 44,000 to 44,300, and received - from 113,000 to 206,300.
The total number of recorded remittances in the period was equal to 1,668.7 thousand, including those received - 1,268 thousand. - 15B -
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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