In recent days, the commercial rate of AZN has fallen significantly and the Azerbaijani banks conduct foreign exchange operations with an extremely acceptable margin of 4%.
So, the official rate of the Central Bank as of 24 June amounted to 1 USD = 1.5332 AZN (this rate will continue in the coming three days), but in commercial banks USD could be bought much more expensively - for 1.58-1.594. At the same time, many banks do not sell more than 500 dollars to a single buyer.
Such a sharp appreciation of the dollar is due to the fact that the Central Bank has been steadily lowering the AZN rate for a third week in a row. On the other hand, the excitement was triggered by the collapse of many of the world's currencies against the USD due to Brexit.
Azerbaijani experts predict a further decrease in the AZN exchange rate and even a new devaluation. A Member of Parliament, former First Vice-Premier of the government, Vahid Ahmadov in particular predicted rise in price of the dollar to 1.7-1.8 AZN. -03D-
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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