Center for Economic Research (CER) has summed up the major economic and financial events of the year.
According to its director, doctor of economic sciences Gubad Ibadoglu, the amount of foreign investments in Azerbaijan's economy uzhato to 23% in the total volume, the remaining money - investment budget in costly and unaccountable investment projects. Thus, the project of "Eurovision - 2012" turned most intense cost in recent history. Direct and indirect budgetary costs of the project amounted to $ 1 billion official cost table for 8 months of the biggest costs (1.5 times higher than normal) fell on the eve of the competition - in April this year, when all the ministries and departments spent 2 bn. According to official data released by the Ministry of Finance in the forecast of expenditure of the state budget for 2012, the reserve fund spending rose from an estimated 500 million to 1 billion manat.
Most large buildings this year in Baku - plant metal structures of the Heydar Aliyev Concert Complex "Baku Crystal Hall", hotel and office complexes "Qafqaz Baku City Hotel and Residences", "JW Marriott Absheron" and "Four Seasons". In addition, commissioned were new educational buildings of the Diplomatic Academy of the local branch of Moscow State University. University, as well as a military hospital of the Military Academy of the Ministry of National Security. For 11 months of the year from all sources in the fixed capital invested 12.6 billion manats, while done construction work at $ 7.6 bn. According to official data, 77.2% (9.7 bn) of fixed assets - domestic investment - compared to last year increased by 24%.
The biggest debtor in Azerbaijan is family and house management. According to data for the first 9 months, the proportion of individuals in the loan portfolio was 33.6%. This is 21.7% more than last year, it means that every third family is unable to purchase for cash valuables and household equipment. Interest rate on loans decreased by 0.6% - to 15.4%, it is still the obligation of citizens to the banks do not meet their financial capacity. - 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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