On May 31 the Baku Stock Exchange held a regular auction on placement of T-bills in the amount of 5 million manats. The maturity is 91 days.
Note that the Ministry of Finance at its latest auction provided investors an annual yield on the bonds at the level of 11.9%, as some orders were satisfied at 20% per annum in terms of profitability.
The Ministry of Finance started to place T-bills from 3 February. Since then, according to data released by BSE, it has sold bonds for 115 million manats and 22 million US dollars at par.
In total, the Ministry of Finance issued bonds in manats for 400 million AZN and foreign currency bonds at $ 500 million. ----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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