The State Agency for Material Reserves of the Ministry of Emergency Situations announced the admission of wheat from local farmers on July 1.
Purchase price of wheat is set at 250 manats. This wheat should conform to quality 3rd class defined by the Cabinet of Ministers on 7 July 2009.
Reserves of the State Grain Fund (SGF) should be not more than 750 000 tons. The Fund refused to inform Turan on the amount of reserves as of today, and the volume of purchases from local farmers over the past year.
SGF was established in 2008, and the Regulations on the formation and use of its reserves were approved in 2009. Initially, the Fund bought up to 280 thousand tons of wheat a year. Prior to this year, the Fund holdings totaled 500 thousand tons.
Reserves of the Fund are formed at the expense of wheat imported by the state budget and working capital of SGF from Kazakhstan and Russia. Local grain does not meet the requirements of the standard wheat. --08D-
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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