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Bakı/06.12.21/Turan: Turkey's lira weakened past 13.7 against the USD, not far from a record low of 13.9 hit last Friday, amid growing concerns over the central bank's monetary policy direction.
According to the message tradingeconomics.com, policymakers are seen cutting interest rates again this month as President Tayyip Erdogan has been calling for lower borrowing costs to support growth, despite soaring inflation.
Data last week showed Turkey's consumer price inflation rate rose more than expected to 21.31% in November, well above the central bank's mid-point target of 5%, while producer prices rose the most in 19 years.
The lira has lost some 46% of its value against the greenback so far this year following Erdogan’s aggressive rate-cutting policy and concerns over the central bank's depleted reserves, which already prompted rating agency Fitch to revise Turkey's outlook to negative.-0-
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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