Internal Public Debt Tripled

The maximum limit of domestic public debt has increased threefold.

Yesterday an order was issued by President Ilham Aliyev on the occasion of changes in the law "On State Budget for 2015", according to which the upper limit of this indicator increased by 3 billion AZN.

The approved version of the law before was 1.5 billion, while now it is 4.5 billion manats. The amendments are to finance health measures in preparation for the privatization of the shares of OJSC International Bank of Azerbaijan, currently state-owned. It was noted earlier that the authorized institution (JSC Aqrarkredit) has issued bonds under the state maintenance.

Recall the issue prospectus of interest covered bonds referred to non-bank credit organizations in the amount of 3 billion manats was registered on September 1 the State Committee for Securities.

That is, the problem assets will be gradually eliminated from the balance of the IBA in exchange for liquidity, which will be provided by the Central Bank of Azerbaijan, which has already transferred AZN 2 million from the envisaged amount to the account of the IBA.  --17D-