One of the issues discussed at today's meeting of the spring session of the Milli Majlis, was the law "On the Central Bank of Azerbaijan", which amended. Changes touched also the problems with the lack of equity of the capital of the CBA. Now the loss by the end of the year due to the revaluation of assets and liabilities in foreign currency and gold on the balance of the main financial regulator of the country will be covered by its own capital reserves. That is, if the assets are lower than the sum of its liabilities, the resulting lack of capital will be repaid after one year due to the financial state of the securities issued.
Under the new rules, after the formation of reserve capital and confirmation of the annual financial statement audit the balance of realized gains and the Central Bank will be transferred to the state budget.
Capital of the CBA consists of its share capital (50 billion manat) and capital reserves (not smaller volume.) Reserves are formed by contributions from the profits for the fiscal year. The minimum level of capital reserves is 15% of the national currency in circulation. --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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