The world oil price will not drop below $25.00 per barrel and it could also go up in the second half of the day, said Azerbaijani Finance Minister Samir Sharifov.
“Therefore, the renewed state budget for fiscal year 2016 is based on the oil price $25.00 per barrel,” Sharifov said at a press conference yesterday.
Considering the world trends, price of oil, which is the main source of incomes in Azerbaijan, started going down and “we switched to the saving regime,” Minister said.
He said as a result of the taken measures, last year the government managed to save $2.2 billion for the State Oil Fund of Azerbaijan (SOFAZ). “In 2015 we had $1.4 billion left in the treasury, which we are going to use to revise the state budget for fiscal year 2016,” Sharifov said.—0—
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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