By April 1, the monetary base (6 billion 535.8 million manats) of Azerbaijan formally expanded, reaching the level of the end of the first half of 2011 (6 billion 497.7 million manats) and was even a little higher than this, the website of the Central Bank of Azerbaijan reported.
However, the two-time devaluation of February 21 and December 21 last year, double "dropped" the national currency, so the monetary base should be nominally cut back by the same factor.
The growth a month earlier was 147.3 million and as of February 1 - 451,600,000 manats, but by the beginning of the year this figure narrowed to 366 million manats, and the losses, according to analysts, could be compensated only by the second half-year.
Recall, according to the CBA, the monetary base fell a record on September 1, 2014 (11 billion 743.6 million AZN), after which it steadily declined during the fall of stock prices. --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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