On January 26 the State Securities Committee registered two issues of government bonds. Totally the Treasury expects to raise $ 500 million from investors.
According to the SSC, the nominal value of the government securities is $ 100. There have been issued 3 million short-term and 2 million medium-term bonds. SSC does not provide information about the profitability of the government securities.
Prior to that, Finance Minister Samir Sharifov said that the yield on the dollar bonds is at 2-3% per annum.
The Finance Ministry is also preparing for issuing government bonds in manat denomination.
Due to the decline in oil revenues the government has difficulties with the execution of the state budget. After more than a 100% devaluation of the manat, public and investor confidence in the national currency has fallen. Therefore, there was excitement around buying foreign currency. Issuing dollar bonds, the government hopes to attract them to the economy. ---- 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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