According to the preliminary forecast of Azerbaijan's consolidated budget for next year, published by the Ministry of Finance, the state-owned oil revenues will amount to 7 billion 855 million manats, or 49.2% of the revenues.
Turan reported earlier the share of transfers from the State Oil Fund of Azerbaijan (SOFAZ) will amount to AZN 6.1 billion, tax revenues of the state oil company – AZN 1.28 billion (+ AZN 40 million to the current year), and Azerbaijan International Operating Company (AIOC) will give the tax authorities AZN 475 million (+ AZN 105 million). --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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