The draft agreement "On the provision of technical assistance for the project to stimulate non-cash payments in the country" is ready. It may be signed between the World Bank (WB), the Ministry of Taxes of Azerbaijan and the Central Bank (CBA).
According to the report of the Ministry of Taxes, the World Bank took over the funding. The Parties shall consider the legal aspects of signing the document.
According to the economist of the leading financial agency in Azerbaijan, Kongyan Tan, work under the technical assistance includes the study of international experience in the promotion of non-cash payments and preparation of the final report. It also includes assessment of the situation in this segment, its impact on the budget, defining the role of the tax authorities in the promotion of non-cash payments and other matters.
Azerbaijan has been a member of the World Bank since 1992. During the period of cooperation, the bank has allocated loans of $3.3 billion for the implementation of 51 local projects. At present, the implementation of a third of them is continued. --17D-
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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