For the first time in the recent two years, the Central Bank of Azerbaijan has carried out two issues of short-term notes totaling 650 million manat, the Financial Markets Supervision House said.
The House registered 6 million short-term notes at par value of 100 manat each, and 500 thousand short-term notes at par value of 100 manat each.
The maturity of the notes is 28 days.
Note that this is not the only anti-inflationary instrument used by the Central Bank of Azerbaijan. Since June 2016 the Central Bank has also conducted deposit auctions.
Only in October the Central Bank raised 300.6 million manat by five deposit auctions. ----71D
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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