The poor in Azerbaijan next year will receive 5 manats or 3.7% more than this year. The working population will receive 6 manats (4.1%) more, pensioners - 7 manats (+ 6.1%) more, and children - 9 manats (+ 7.7%) more.
Yesterday the country's President approved the Law "On Living Wage for 2016", which is set at 136 manats, for able-bodied population - AZN 146, for pensioners - AZN 115, and for children - AZN 117. The law enters into force the first of January.
According to experts, this is an extremely small increase, given the fact that only consumer inflation tied to the February devaluation was (according to the Central Bank of Azerbaijan on November 1) 7.8%, and according to Turan and a modern methodology of calculation - 19 2%. Recall, virtually all non-food products for the needs of the population are imported and the manat to the US dollar fell by 34%. Imported food products as well as products of leading manufacturers, in particular, Azersun Holding, rose in prices. It provides 60% of packaged and canned goods. --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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