Placement of interest, secured by non-documentary registered bonds of the Azerbaijan Mortgage Fund (AMF) in the amount of 3 million manat will begin December 28, 2012 at the Baku Stock Exchange.
According to the fund bond sales will be conducted by public subscription. Ten-year securities will be offered for sale at the current price of 100.00%. If demand exceeds supply, all orders will be filled proportionally. The initial organizer of bonds' placement is Central Bank, which operates the AMF.
The prospectus registered bonds of the fund for a total amount of 40 million manat was registered by the State Committee for Securities on Friday. The nominal price of a bond is equal to AZN 1000, the interest rate of 3% per annum and maturity date - November 6, 2022. This is the first batch offered for sale.
In 2009-2012 the Mortgage Fund placed five issues for AZN 55 million, AZN 75 million, AZN 60 million, AZN 20 million and AZN 30 million 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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