Azerbaijani parliament on today's plenary session approved the cost of living for the next year in the amount of 116 manats. This represents an 8 manat (7.4%) more than in the year. For the workforce it will be 125 manats (AZN 9 compared with this year), for pensioners - 94 manat (10), for children - 93 manat (+6).
According to experts, the President will approve this bill far from the realities.
Parliament also approved the "criterion of needs" for next year. This means that citizens with incomes below 93 manat (AZN 9 higher than this year), will be eligible for social aid.
Today, this kind of government assistance (effective from January 1, 2006) is used by about 127 thousand people. - 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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