On Wednesday hte Parliament began consideration of Azerbaijan's state budget for next year.
According to Deputy Economy Minister Sevinj Hasanova, the government is considering a further increase in customs duties. "The decision was taken in order to protect domestic production and market," she said.
Under the law, the Cabinet of Ministers makes a verdict on the basis of monitoring and the final decision is taken by the head of state.
Recall from November 1, tariffs increased for 2 years on imports of certain agricultural products, building materials and non-alcoholic beverages, which affected the purchasing power of consumers. As a result, prices rose also for goods produced in Azerbaijan. --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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