The report of the Central Bank for four months has been published. The volume of deposits in local currency amounted to 61.9% of total deposits (4 billion 67 million or +4.6% YTD). In the foreign currency equivalent private traders hold 2 billion 502.9 million (minus 0.2% as of 1 January).
Volume of bank deposits of residents to May 1 was 5 billion 961.2 million (+6.1%), non-residents - 608.7 million manat (minus 21.5%). Foreign investors began to withdraw funds after the scandal with the uninsured portion of deposits in bankrupt Royal Bank, when Iranian citizens collectively missed more than 100 million manats.
By May 1, the aggregate amount of deposits in banks in Azerbaijan was 13 billion 615.6 million (+9.1% YTD). -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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