The rating of the bonds of Bank IBA-Moscow LLC is set at the level of BB.
As stated by Fitch Ratings, it has become possible due to the availability of guarantees of its founder, OJSC International Bank of Azerbaijan.
The planned issue of securities in the amount of 3 billion rubles for corporate purposes is designed for 3 years with a commitment to repurchase in a year. The yield on the bonds in the first year is set at 11.5%.
The bank IBA-Moscow with a capital of 2,110,427,000 rubles ($ 31.71 million at the current exchange rate) was founded in 2002 and is a subsidiary of OJSC International Bank of Azerbaijan. Its has branches in Moscow, St. Petersburg and Yekaterinburg. --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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