The Central Bank did not change the dollar rate on March 16, leaving it at 1.7282 manats.
Commercial banks buy dollars from the population in the interval of 1.68-1.70 manats, and sell 1.73074 manats.
The euro exchange rate is 1.8344 manats. In commercial banks the population can sell the euro in the interval 1.81-1.82 per manat, and buy - for 1.8350-1.85 manats. Experts believe that the policy of strengthening the manat rate is short-term.
The Central Bank, in turn, explains the reason for strengthening the national currency by applying a new mechanism of currency auctions, liquidating the margin limit between the commercial and official exchange rate. -71D-
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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