The Ministry of Finance proceeds to the placement of government bonds of interest with a maturity period of two years.
The interest rate on government bonds is 15%. Prior to that, from 2016 the government has allocated only T-bills with maturity not exceeding 364 days. At the same time these securities were sold at a discount price.
The first package of bonds totaling 10 million AZN will be put up for auction at the Baku Stock Exchange on February 28.
BSE told Turan the payment of interest on the bonds will be carried out once in six months.
In total this year, the Ministry of Finance plans to place bonds with a maturity period of 728 days for a total amount of 100 million AZN.
The main investors in T-bills are commercial banks, which are experiencing problems with the placement of available funds.
It should be noted that the Central Bank attracts deposits also roughly at the same interest rate. ----08D
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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