The official US dollar exchange rate was set on June 29 by the Central Bank of Azerbaijan at the level 1.5363 manats. This is slightly more than the rate on 26-28 June (1.5332). The rate of dollar continues to grow steadily in respect to manat for the fourth week. Commercial banks are buying dollars from the population at the rate of 1,52-1,53 manat, but sell at 1,59-1,595 manats, i.e. a margin of just 0.07 AZN, while in the early months the difference between the buying and selling of the dollar was only 0,02-0,003 manat. Many commercial banks have set limits on the dollar sale and sell one hand no more than 500-1000 dollars. Against this background, a number of experts predict a new devaluation of manat.-06D-
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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