Tomorrow starts auction of short-term notes of the Central Bank of Azerbaijan (CBA) in the amount of 5 million manat.
According to the Baku Stock Exchange (BSE), the total amount of the issue is AZN 30 million. Circulation term of the 300,000 notes with nominal value of 100 manats will be 28 days, while the date of maturity of the securities is August 13, 2014.
The Central Bank started issuing short-term notes in September 2004. The issue of notes is in accordance with the agreement with the BSE of July 5, 2004. This year, the CBA plans issue of its notes for AZN 2 billion. - 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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