Turnover of urgent money transfers in Azerbaijan's banking system was in January- September 2013, equivalent to AZN 1,615.6 million ($ 2.1 billion). Compared with the corresponding period last year it was 345.4 million or 27.2% more. The volume of income was 2.3 times higher than the sum of shipments, which in turn increased by 20.8 % compared with the same period last year .
In September, turnover amounted to 215.4 million translation manat , an increase compared with last September by 33.1 %.
According to the Azerbaijani Central Bank, the average amount sent increased from AZN 582.3 in January to 837.9 manat in September and received - from 574.8 to 622 manat. The number of sent transactions grew from 66,000 to 83,300 and the number of those received - from 156,300 to 234,100.
The total number of recorded remittances during the period was equal to 2,558 thousand, including those received - 1,856.3 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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