In January-March this year the TRACECA transport corridor via Azerbaijan transported 1 million 738.1 thousand tons of cargo. This is by 35.3% less than in the first quarter of 2015, the State Statistics Committee told Turan.
Paradoxical is the fact that in this period the carriers gained 13.2 million manats, or 45.5% more than in the comparable period of 2015. Perhaps this is due to the devaluation of the manat. Contracts for transit freight traffic are usually in US dollars.
The TRACECA project is funded by the European Union for the development of a transport corridor from Europe through the Black Sea, the Caucasus, and the Caspian Sea with access to the Central Asian countries. -----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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