Release of the European Bank for Reconstruction and Development denominated manat securities is scheduled for the end of this - early next year.
As the representative of the EBRD in Azerbaijan Neal McCain told the media, you must go through several procedures, and prepare documents to obtain permission to organize the debut issue of such bonds. The issue volume and conditions of its placement are not yet announced, but we are talking about the issue of bonds in the tens of millions of manat, which will be placed at the Baku Stock Exchange, and buyers will be local individuals and legal entities.
"We are confident that the EBRD will better cope with currency risk management than its local customers, which are mainly small and medium enterprises," said McCain. --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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