Credit organizations of Azerbaijan met 2,826,000 money orders totaling $ 9,900 mln in July 2012. The amount of payments decreased 950,000 and their total turnover decreased compared to the previous month at 267 million manat.
Compared with the corresponding period last year, the number of payments in January-July increased by 5,524,000 58% to 15,035,000, and their volume increased by 11,557 million or 21.5% to 65,281 mln.
In the structure of payment transactions in January-July, the share of large and urgent payments was 1.7% (263 thousand) of the total number and 91.4% (59,685 mln) of the total value. The average size of this category of payments decreased as compared to July 2011 by 18.7% to 192,500 manat, and small and medium size retail payments - by 24.1% to 375.5 manat.
As of August 1, 2012 payment system users were 54 organizations, 50 of which could make large and urgent payments. - 15B -
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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