Turnover of money transfers in the banking system of Azerbaijan in 2012 was the equivalent of AZN 1,788.4 million ($ 2.28 billion). It is 325.8 million or 22.3% from the previous year. The volume of revenue is 2.3 times the amount of shipments, which in turn increased by 30.3% compared with 2011.
In December 2012 the transfer turnover amounted to 174.8 million manat, up from last year's December by 23.6%.
According to the Central Bank of Azerbaijan, the average amount sent was down from 877.3 manat in January to 597.3 manat in December and the amount received contrary rose from 594.7 to 620.4 manat. The number of sent transactions grew from 44 thousand to 84 300 and the number of those received - from 113,000 to 200,500.
The total number of recorded remittances last year was equal to 2777.9 thousand, including those received - 2082.3 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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