Today the State Oil Fund of Azerbaijan (SOFAZ) through the second July auction, organized by the Central Bank of Azerbaijan, has sold another $50 million, this time to 27 financial institutions (in the country 33 operating banks.) According to SOFAZ, in April he exposes not $100 million, as before, but half the amount, although the need for banks in the currency is much higher. In the last auction the CBA is not directly involved as a buyer. In general, the State Oil Fund in conjunction with the CBA sold about $ 325.5 million in August.
According to the fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency fund transfers carried out in the framework of the state budget allocated for this year of $7.615.000 AZN. By January 1, SOFAZ’s assets amounted to $ 33.57 billion (minus 9.5% in early 2015.) --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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