In connection with the entry into force on 1 January next year of the new requirements to professional participants of the securities market, there has been a revival in their ranks. The transformation into investment companies has been reported by 5 of the 12 brokers.
The transformation of the closed joint stock company to the investment company Invest-AZ was announced by Invest-AZ Ltd. (founder - Elshan Guliyev). Ltd. Tekhnika Capital Management became JSC Investment Company Capital Management (parent company - JSC Bank Technique).
Prior to that, the brokers Azfinance, Unicapital and Demir became investment companies.
Today the press reported about the liquidation of Trust Asset Management (founder - Azersun Holding). It is expected that two companies with licenses for asset management (Invest AZ Asset Management and Azfinance Asset Management) will also cease their activities soon. ---- 08B
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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