Turnover of money transfers in the banking system of Azerbaijan made in January-July 2012 the equivalent of AZN 940 million ($ 1,195.8 million). Compared with the corresponding period last year, it's more on 163.9 million or 21.1%. While revenue doubled the amount of shipments, which in turn increased by 54.7% compared to the same period last year.
In July, turnover transfers made 155.3 million manat, up from last year's July by 15%.
According to the Central Bank of Azerbaijan, the average amount sent increased from AZN 877.3 in January to 967.6 manat in July, and the average taken was down from 594.7 to 535.6 manat. The number of sent transactions grew from 44 thousand to 55,600, and the number of those received grew from 113,000 to 189,500.
The total number of recorded remittances in the period was equal to 1,418.1 thousand, including those received - 1,061.7 thousand. - 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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