Any new devaluation of the manat is not expected until 2019, experts of Standard & Poor`s believe, referring to the February drop in the national currency, when the Central Bank of AR took an unexpected knock decision on the 33.5 % loss in AZN compared with the dollar and the euro.
The local currency is largely tied to the US dollar due to the sale of hydrocarbons on the world markets, while to the euro it is not tied, despite the fact that the Central Bank has announced the transition to the regime of targeting the currency basket dollar-euro. The agency experts believe that the devaluation of the manat has led to a sharp reduction in foreign exchange reserves of the Central Bank.
Recall that the currency reserves by June 30 amounted to $ 8 billion 520.2 million (minus 38.07% as of 1 January). Partial growth of this segment started in May and June - 0.51% and 1.06%, respectively. --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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