At a regular currency auction held by the Central Bank of Azerbaijan, the dollar fell to 1.5986 manat, the Central Bank reported.
The auction began with 1 USD / 1,6006 AZN.
The auction was also attended by the State Oil Fund of Azerbaijan.
Note that starting from 5 October the Central Bank determines the AZN rate on new rules. So, in the auction days the exchange rate of the national currency is determined by the price set at the time of the last session. At the same time, commercial banks have the right not only to buy but also to sell foreign currency on the auction.
In the days when the auction is not conducted, the manat exchange rate is determined based on the weighted average price set by agreements in the interbank foreign exchange market. ------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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