The devaluation of the Turkmen manat and other Central Asian currencies shattered export opportunities of domestic sugar producers nearly twofold in January of this year.
According to the State Statistics Committee, the production of sugar cubes and granulated sugar decreased in comparison with last year's January by 98.8% - up to 0.8 thousand tons. Partially reduced the production of some other export products: margarine - by 7.7% - up to 2.2 thousand tons, and jam and marmalade - 4.2% - up to 7,423.1 tons.
In general, food and tobacco products, as well as drinks throughout the country were made in the amount of 207.4 million manat with a drop of food products by 9.6%, while the production of beverages increased by 8%, and tobacco products - by 48.9 %. --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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