The non-bank credit organization Mercury Credit has issued corporate bonds worth 1.5 million manats. This is the debut of the company since its appearance in the credit market in September 2012.
The investment company Tekhnika Capital Management told Turan the yield of the securities at a nominal value of 500 manats is at 15% per annum. The bonds will be in circulation within 2 years.
The securities will be placed at the Baku Stock Exchange.
Note that currently in circulation are 48 issues of corporate bonds of public and private companies. Active market participants are non-bank credit organizations, including Brand Credit, Finca Azerbaijan, Visa Credit, Credit House, City Finance, TBC Credit, Finex Credit, FINOKO and Prokredit. ---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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