Turnover of money transfers in the banking system of Azerbaijan made in January-November 2012 the equivalent of 1,613.6 million ($ 2.06 billion). Compared with the corresponding period last year, it was 292.5 million or 22.1% more. The volume of revenues was more than double the amount of shipments, which in turn increased by 35.2% compared to the same period last year.
In November, the turnover amounted to 165.6 mln, an increase compared to last year's November by 20.4%.
According to the Central Bank of Azerbaijan, the average amount sent was down from 877.3 manat in January to 533.8 manat in November, and the sum received conversely increased from 594.7 to 629.1 manat. The number of sent transactions grew from 44 000 to 76 400, and received - from 113 000 to 197 800.
The total number of recorded remittances in the period equal to 2,490,100, including those received - 1,881,800. - 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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