By April 1, the bank deposits of the population accounted for 7 billion 888.9 million (minus 16.7% since the beginning of the year), the Central Bank of Azerbaijan reported for the first quarter.
Against the background of devaluation the population prefers to keep funds in foreign currency (80.9% of the total volume of deposits, or 6 billion 377.3 million AZN), while the remaining 1 billion 511.6 million of less wealthy citizens is kept in AZN. Nevertheless, the confidence in them grows - in the 1st quarter growth in this segment by 6.4% was recorded, but by means of storage in foreign currency there is a significant rollback - by 20.8% in comparison with the beginning of the year.
Individual residents (those who live in Azerbaijan last six months) have stored in local banks 6 billion 860.4 million manat, and non-residents have stored 1 billion 28.4 million manat, and reduction in both segments is by 16.8% and 16.6% respectively.
The total volume of bank deposits by April 1 amounted to 23 billion 121.6 million manat (minus 1.3% to 1 January). --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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