President Ilham Aliyev has ordered the application of the Law (passed on February 1, 2017) on Amendments to the Law "On securities market", according to which securities may be re-issued in paper form.
After the entry into force of the law "On the Securities Market" on July 1, 2015 all issuers of documentary securities had to withdraw them from circulation. It is about 20 joint-stock companies, including OJSC International Bank of Azerbaijan. All securities were transferred to the book-entry form and all their issuers concluded depository contracts with the National Depository Center (the only depository of securities).
The causes of change in the in the recently adopted law are not reported. The Financial Markets Supervision Authority did not respond to the written request from Turan IA about it.
Commenting on the changes in the law, a source in a local investment company told Turan documentary securities are in circulation in such neighboring countries as Turkey and Russia, where the stock market is at a higher level of development. The company suggests that these changes have been made primarily to increase investor interest in the corporate bond market. At the same time, experts believe this may be a prerequisite for the formation of shared investment funds in Azerbaijan. ---08B
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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