By 1 April the BSE’s turnover decreased by eight times compare with the same period of last year
In the first quarter turnover of the Baku Stock Exchange for securities transactions amounted to 579 million 922 thousand manats within 8805 transactions. For comparison - over the same period of last year by 21738 contracts have led to the total volume of 4 billion 885 million 717 thousand manats. Eight-fold decline in absolute terms is associated with problems in the financial system due to the fall in world oil prices and the devaluation of the national currency.
Like last year, the largest density was for the derivative tools - on their account is 68.6% or AZN 397.7 million of turnover, of which almost all (371.7 million) were recorded on foreign currency transactions.
Last year the total BSE turnover was at the level of 8 billion 455.51 million AZN on 53367 transactions. The share of derivative instruments was 73.3% of the total volume of transactions. --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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