The National Depository Center (NDC) approved the Regulations "On the opening, closing and managing in the depository system."
According to this document, licensed investment companies have the right to open custody accounts for securities for the investors of the stock market. In other words, an investor's custody account can be opened without the direct involvement of the depositary.
Note that according to the current Law of AR on the Securities Market valid since July 2015, NDC is a central depository in the securities market. There are no other depositories in the country. Five legal entities have licenses to provide activities of investment companies.
As of January 1, 2012 NDC had 101.2 thousand custody accounts belonging to investors. NDC last issued an annual report in 2011.
In 2015, NDC was converted from a closed-type JSC into a non-profit organization. Its founder was the State Committee for Securities, now liquidated. ----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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