On June 17 the Financial Market Control House (FMCH) registered the issue of 4 million short-term bonds for 100 AZN each by the Finance Ministry. As Turan was told in the FMCH press service, the term of the bonds is limited to 12 months.
Meanwhile, on June 21 Baku Stock Exchange will host the next two auctions on placement of manat bonds of the previous issue. It is planned to place bonds totaling 10 million AZN with the maturity period of up to 182 days and those totaling 10 million AZN with the maturity period of up to 364 days.
Recall this is the second issue of manat bonds in a row. Earlier this year, the Ministry of Finance issued bonds of 400 million AZN and $ 500 million. -----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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