On February 28 on the Baku Stock Exchange auction the Ministry of Finance easily placed the first package of short-term government bonds with a maturity period of 2 years.
BSE informs that 7 investors have submitted applications accompanied by an offer to buy T-bills in the total amount of 36.2 million manat. Some of the applications exceeded the starting interest rate previously announced by the Ministry of Finance by 8.8%. As a result, state T-bills were fully placed at 15%. T-bills totaling 10 million manat were bought by three investors.
This month, the Ministry of Finance plans to place T-bills with a maturity period of 728 days also totaling 10 million manat. The plans for April have not been reported.
In total this year, the Ministry of Finance issued T-bills for 700 million manat. Of these, securities in the amount of 75 million AZN on face value are planned to be placed in the first quarter of this year. ---08B
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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