The gap of Baku residents in the banking portfolio deposits is growing. According to the report of the Central Bank of Azerbaijan, on January 1, this figure was at the level of 8 billion 867 million228.700 manat (+ 33.4% YoY).This means that the share capital of investors reached 93.6% of total bank deposits, with 86.4% of their foreign currency deposits accounted for the equivalent of 7 billion657 million 392.400 manat at an average annual rate of 7.4 % (in foreign currency - 7.6% in manats - 6.5% per annum.)
In the regions, the population invested in banks around 606 million. 707.1thous. Manat (+ 12.2% YoY). The most activeare residents of the Absheron economic region (equivalent to 198 million 516.400 manat at the rate of an average of 8.2% per annum).The Ganja-Gazakh economic region hasin the banks the equivalent of 145 million 762.800 manat at the rate of 7.8% ; in Aran economic region - 85 million 418.400manat at a rate of 6.3% per annum. In other areas theactivity of investors is lower. --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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