The cost of futures for Brent crude oil for February delivery fell below $31 a barrel. Oil prices started to decline after the opening of trading on the stock exchanges in China, and soon Brent dropped to $31.09. At 9:30 oil cost $30.73. Falling prices have a direct and negative impact on the economies of oil-producing countries, including Azerbaijan. Falling prices mean that manat will continue to weaken and the creeping devaluation will continue.
In Azerbaijan since Saturday actually stopped selling the dollar and euro, while the price on the black market continues to grow. After the devaluation on 21 December manat has fallen in price in ratio to the American and European currencies by 80 - 100%.
The price of oil in the state budget of Azerbaijan is around $50 dollars. -02D-
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