According to the statistics of the balance of payments, accounted by the Central Bank of Azerbaijan, last year predictions about its current account surplus ($ 500 million) did not come true. In contrast, to December 31, 2015 a deficit was recorded at the level of $ 222.5 million. Recall, according to the results of 2014 plus was at $ 10 billion 423.6 million.
As expected, the positive balance was in the implementation of hydrocarbons - $ 6 billion 548.9 million with a deficit in non-oil sectors of the economy in $ 6 billion 771.4 million.
The total volume of foreign trade turnover amounted to $ 25.4 billion with a surplus of $ 5.8 billion with a specific gravity of the CIS countries at 10.5%.
The export of crude oil was in the lead (90.4% of the total foreign trade turnover, or $ 12.8 billion) at a total figure of $ 15.6 billion.
The volume of imports amounted to $ 9.8 bn., including consumer goods that accounted for $ 3 billion. 850.8 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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