The State Securities Committee (SSC) has approved the "Rules for opening depository cash accounts of the investment fund, its management and money transfers." Although AR Law "On Investment Funds" is valid from November 2010, the country has no licensed investment fund (IF), intended to be a collective investment institutions.
According to the Ministry of Justice that promulgated the Regulation, the IFA is free to the right selection of the depositary. However, he is allowed to open in the country, only one cash account. These accounts can be opened in order to deposit money, the proceeds from the offering and the share of excise IF IF unit and works settlements with their assets. In this case, the proceeds from the offering, excise IF and participations in mutual IF can be placed only in the banks in the form of deposits or in short-term government bonds. - 08D-
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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