On the foreign exchange auction of the Central Bank on February 14 the dollar fell from 1.7301 to 1.7296 manat.
The auction was attended by the State Oil Fund.
In general, in February the dollar rate to manat fell by 19 kopecks.
Thus, on February 1, the dollar was 1.92 manat.
In parallel, EUR also falls. In February, the pan-European currency fell from 2.0719 to 1.8358 manat.
Commercial banks buy dollars from the population in the range of 1.68-1.73 manat, and sell them at 1.74-1.76 manat.
Customer can buy euros in commercial banks in the range of 1.8570-1.92 manat and sell them at 1.80-1.83 manat.
Experts believe the current strengthening of the manat is speculative, stressing that this has no economic justification. -71D-
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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