In the first nine months of this year on the territory of Azerbaijan on the route Europe-Caucasus-Asia (TRACECA) 5.5 million tons of transit cargo was transported. Cargo traffic decreased by 23.2%, the State Statistics Committee told Turan.
During this period, traffic agencies gained income of 136 million manat from transit, which is 51.1% more compared to the 9 months of 2015. This is due to the double devaluation of the national currency. As a result of the devaluation of the manat currency conversion has a positive effect on the income state-owned companies of railway and water transport.
According to SSC, in January-September CJSC Azerbaijani Railways gained 63.6 million manat (+ 66.2%) from freight transit and CJSC Azerbaijan Caspian Shipping Company gained 72.4 million manat (+ 40%).
Azerbaijan pins great hopes on the growth of transit cargo transportation by international transport corridors (TRACECA, North-South, South-West) and builds the capacity of transit infrastructure. ----08B
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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