On February 1, the population of Azerbaijan held 7 billion 121,300,000 AZN on bank accounts (minus 0.9% YTD).
According to the Central Bank of AR (CBA), this is due to the conversion of deposits in favor of foreign currency - only in January, the total volume of this segment in manat fell to 4 billion 276,300,000 manat (minus 3.3%) or 60% of total deposits. In contrast, household deposits in foreign currency increased by 2.9% - up to 2 billion 845 million manat. i.e., 0.4% of deposits were withdrawn from the bank circulation.
By February 1, the volume of bank deposits of residents was 6 billion 463,600,000 manat (minus 0.2% YTD), non-residents - 657,700,000 manat (minus 8.1%). The aggregate amount of deposits in banks by that date amounted to 15 billion 134,700,000 manat (minus 2.1%). --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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