SOFAZ has sold $50 million at auction, satisfying the demand of banks only by 1/12 part
In the foreign exchange auction of the Central Bank of Azerbaijan on August 11, the State Oil Fund of Azerbaijan (SOFAZ) has sold to 29 banks all the proposed $ 50 million. However, demand was by 12 times higher, and amounted to 600 million. This is a record volume of demand since the beginning of SOFAZ currency sales at auction in December 2015. Prior to this, the highest demand was registered at the auction on 28 July when the needs of 28 banks amounted to $ 450 million, but they were sold $50 million, or by nine times less. -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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