Money supply rose in May to 254.3 million manat or 2.3% to 11,456.7 million manat. Over the past 12 months, the manat resources in the economy grew by 3,065 million manat or 36.5%.
According to the Central Bank of Azerbaijan, the amount of cash outside the banking system rose in May to 197.1 million manat or 2.7% to 7,509.9 million manat, and the volume of cashless manat increased by 57.2 million manat or 1.4% to 3,946.8 million manat. The share of the latter in the structure of the manat treatment decreased to 34.4%.
Broad money supply rose during the reported month by 233.3 million manat or 1.6% to 14,579.5 million manat. The volume of foreign exchange supply in the banking system declined 21 million manat or 0.7% to the equivalent of 3,122.8 million manat. During the year the mass of foreign currency increased by 17.2%. The share of manat resources in total money supply was 78.5%, which is 2.6% more than June 1 of last year.
The total amount of the monetary base rose in May by 2.9%, and for the year it grew by 34.4% to 8,457.9 million manat. Manat base money increased over the month by 227.2 million manat or 2.8% to 8,373.1 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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