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The amount of cash and funds of commercial banks deposited with the Central Bank of Azerbaijan Republic as required reserves by 1 August was 7 billion 467.5 million manat (minus 19.5 million to July 1 and 129.8 million to June 1).
Let's remind that the monetary base, according to the CBA, as of January 1, was equal to 11 billion 541.9 million manat, that is in seven months the decline was more than a third - 4 billion 74.4 million or 35.3% .
By the way, by September 1 last year, the monetary base amounted to a record in the history of the CBA 11 billion 743.6 million manat. The result of "compression" were the low international oil prices and the February devaluation. --17D-
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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