Auction on placement of interest, non-documentary registered secured bonds of the Azerbaijan Mortgage Fund (AMF) in the amount of AZN 5 million held on 10 December 2012 on the BSE.
Ten-year securities were offered for sale at the current price of 100.75%. At the stated amount of bonds of AZN 5 million the demand for them by the three bidders exceeded 33.7 mln at face value. Total volume of bonds for the auction was fully invested.
The prospectus of registered bonds of the fund for a total amount of 30 million manat was registered by the State Committee for Securities in January 2012. The nominal price of a bond is equal to 1,000 manats, the interest rate is 3% per annum, and the maturity date is January 22, 2022. Today, the fund has posted AZN 25 million from the last issue.
In 2009-2012 Mortgage Fund places three issues for AZN 55 million, AZN 75 million and AZN 60 million and 20 million manats each. - 15D -
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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