Even understated at least three times, the official (10.5%) annual inflation made unfavorable storage of money by the Azerbaijani population on deposit accounts.
As stated in the report of the Central Bank of Azerbaijan, in January-April the average deposit rate of local banks stood at 7.77% (by January 1 - 8.08%), that is, based on the State Statistics Committee figures, the real deposit rate was minus 2.73%.
The average rate on deposit accounts of the population in foreign currency by May 1 stood at 7.08%. This means, if these accounts were opened before the devaluation of February 21 last year, the benefits approximately doubled, and if they were opened before December 21 – by a half.
With regard to the accounts of legal entities, the average rate on their bank deposits in AZN by May 1 stood at 5.55% (January 1 - 5.82%), with the corresponding loss due to the devaluation, and in foreign currency - 3.42% (4.81%). --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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