I The procedure of transference of foreign currency abroad has toughened. According to the order №45/1 of the Chairman of the Central Bank of Azerbaijan Elman Rustamov (Http://huquqiaktlar.gov.az/StatementDetails.aspx?statementId=36296), from 8 December residents and nonresidents, including entrepreneurs who are physical persons without opening a bank account can daily transfer into foreign bank accounts no more than $1; within 1 business day up to $10.000 during a month. Under the new rules of operations with foreign currencies, such limits are applied to the transfers to close relatives living abroad (all categories are listed, even spouses and parents - except children.) The order does not specify what should do individuals working on trust with foreign business partners and transferring abroad sometimes under the contract terms quite large sums of money. There are questions on many other issues, including those related to transfers to foreign clinics, which are unlikely to agree with inflows practice "per hour on a teaspoon." --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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