In June 2015 the State Oil Fund of Azerbaijan (SOFAZ) plans to invest $500 million into the bonds in Chinese Yuan.
SOFAZ Executive Director Shakhmar Movsumov said that the agreement has been signed with the Chinese Central Bank.
“We already have agreement with the Chinese Central Bank and recently our Securities Committee have signed the document, which will allows us starting investments,” he said in his exclusive interview to Trend news agency.
Last week the Azerbaijan State Securities Committee and the chairman of the Chinese Commission for Regulation of Securities Market signed the memorandum envisaging protection of investors and encouraging integrity of the securities markets, futures and other investment instruments by expanding the frameworks of cooperation and strengthening exchange of regulating and technical information.
By early this year 34% assets of the Oil Fund were in Euro, 1.2% in Russian rubles, Turkish Lira and Korean won. Another 0.5% fell to Australian currency and the remaining part was in the US dollars.-0-
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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