On the Azerbaijan balance of payments statistics the Central Bank says $ 7.5 billion of foreign direct investment into the local economy in the last year (minus 6.2% for the year with an investment at $ 8 billion in 2014).
A large part (88.5%) of the total volume of financial investments was invested in the oil and gas sector. In other sectors of the economy there was invested $ 860.4 million (minus 34.7%).
However, local investors spent abroad in direct investment $ 3 billion 259.7 million (+ 47.6% YoY). $ 1 billion 806 million was invested in oil and gas (+ 21.9%), in other areas - $ 1 billion 453.7 million (+ 100%).
Last year, the net financial assets of Azerbaijan amounted to $ 13 billion 720.8 million (+ 17.3%) with commitments of $ 4 billion 695.6 million (minus 43.2%). --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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