The Azerbaijani Cabinet of Ministers established a procedure for the use of frozen assets to pay for urgent and unforeseen expenditure of businesses and individuals.
According to Decision №310 of August 19, the effect of the document applies to assets frozen as part of the financing of terrorism on the basis of local legislation, international agreements and UN Security Council resolutions.
The Cabinet has also identified the beneficiary - the right to authorize the use of assets referred to belongs to the State Security Service of AR, which gives a permission verdict on the basis of application considered within 7 days.
Frozen assets are exclusively used to pay for utilities, financial services, food and medicines, medical services, mortgage, rent, taxes, fees, and insurance premiums. --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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