The State Oil Fund of Azerbaijan (SOFAR) posted today in the vaults of the Central Bank of Azerbaijan, another ton of gold (32,150 ounces). Thus, the amount of gold brought into the country amounted to about 2 tonnes (64,300 troy ounces).
As the fund reported as of February 1, 2013 gold reserves SOFAR reached 16,178 kilograms (520,145 ounces).
From the 1st of February last year started the acquisition of gold bullion (at week 10 ounces) by the banks - market maker members of the London Association of precious metals market participants.
According to the investment policy of the SOFAR to 5% of the total value of the investment portfolio may be invested in gold. - 15D -
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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