The CBA downs the rate of manat to 33%
On February 21, 2015 the official exchange rate of the dollar against the manat was set at $1 - 1.05 manat, and the euro - 1, 19 manat, stated in the Central Bank of Azerbaijan (CBA)."This decision was made in order to create an additional incentive for the branch of the national economy, improve competitiveness and export potential, as well as provide strategic stability of the balance of payments and international solvency of the country," reads a statement posted on the website of the state news agency "Azertaj."
Correction of the rate of manat also aims to neutralize the effect of a significant depreciation suffered by the national currencies of most countries - trade partners of Azerbaijan. The CBA will continue to participate in the foreign exchange market within a specific corridor, the report said. Thus, the rate of the manat to the dollar collapsed by almost 33.5%., and the euro - 30%.
Such a decision directly contradicts previous assurances by the authorities and the CBA, who spoke about the slow and discreet lowering of the manat to bring it into line with the situation on the world market. Today's decision will increase panic in the financial markets, a sharp demand for the dollar and the euro. Import will also become much more expensive. Officials have not yet given any comments.—06D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review