The securities market in Azerbaijan will receive a second asset management company. The Ministry of Taxes May 20 registered the company AzFinance Asset Management.
According to the State Register, the authorized capital of the company was invested 150,000 manat. Abid Mammadov has been appointed Director of the company. He is the head of LLC Azfinance Invest. Both companies are located at the same address.
Judging by the title, LLC AzFinance Asset Management applies for a license for asset management. In August 2013 the license was awarded to Invest Az Asset Management.
The State Committee for Securities provided LLC Azfinance Invest licenses for broker and dealer activities in the securities market on April 7.
Recall that LLC AzFinance Invest was registered on January 30 this year under a different name, Gilan Capital, with registered capital of 1 000 manats. -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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