At the foreign exchange auction of the Central Bank the US dollar rose sharply again on January 23.
The American currency rate was 1.8559 manat, which is higher than last week’s rate of AZN 1.8311.
Note that after the transition to the new rules of currency auctions, at which commercial banks are only allowed to buy foreign currency, and not to sell it, the dollar has been going up by more than 2 kopecks at each auction.
At the rate of AZN 1.8311 the commercial banks bought USD at AZN 1.83-1.84, and sold it at AZN 1.88-1.89.
After today's auction the commercial banks' rates will also rise. -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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