Azerbaijani Central Bank has established the rate of the national currency to the dollar on March 9, 2016 at the level of AZN 1.6228. This is by one gepik higher than the previous rate (1.6105). According to the Central Bank, the rate of manat was established on the basis of inter-bank transactions in the foreign exchange market. On March 7 SOFAZ sold at auction to 28 banks $ 49.7 million. At the auction was put up to $50 million. -02D-
2016 March 07 (Monday) 13:42:36
In today's auction for the sale of foreign currency, organized by the Central Bank of Azerbaijan, the main controller did not participate again.
According to the Azerbaijani State Oil Fund (SOFAZ), it allocated funds in the amount of $ 50 million.
In total, the auction was attended by 28 commercial banks, which bought almost all ($ 49.7 million) of the announced volume.
SOFAZ sells foreign currency within the approved transfers to the state budget at the level of 7 billion 615 million AZN. --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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