Baku that celebrated on 19 December the start of ticket sales to matches of the European Grand Prix Formula 1, scheduled for June 19, 2016, has experienced the shock of the second devaluation today.
In grocery stores people buy products in bulk - a stock for a few days. In the small grocery stores selling is limited. Pharmacies, clothing, electronics and household stores are open, but sales are suspended there.
Prices for cars increased due to the devaluation. The inevitable process is the rise in prices for air tickets from the airline AZAL, as the base price is defined in the Euro. Meanwhile the airline does not comment on the situation. ---08D
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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