The profitability of investments in the national currency of Azerbaijan Deposit Insurance Fund (ADIF) has increased.
According to the report (http://adif.az/uploads/hesabat/2014/1.PDF) of last year's financial performance, audited by PwC, last year's return on ADIF investment in manat increased from 4.36% to 4, 40%. Return on investment in the euro has not changed - 0.75%.
The majority of assets (69 million 893 thousand AZN) is available for a period of 1 to 5 years, the remaining 10 million 804 thousand manat, short-term, - for a period of 3 to 12 months.
The total revenues of the Fund for the year amounted to 19,710,000 and the insurance reserves totaled 87.56 million manat. - --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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