The February 3rd auction registered a decline of 1.1% in the yield of T-bills with a maturity period of one year.
According to the Baku Stock Exchange, the Ministry of Finance placed fully issued T-bills in the amount of 15 million manat. The investors submitted bids for purchase of T-bills worth over AZN 41 million.
For the acquired securities the investors paid more than 12 million manat. The average value of securities amounted to 84.64 manat at a nominal value of 100 manat.
This is the first auction on placement of T-bills this year. The Ministry of Finance and the Financial Markets Supervision House (FMSH) have not made public the parameters of the issue for 2017.
According to FMSH, the securities (414.6 million manat) accounted for 1.3% of the assets of the commercial banks of Azerbaijan. ------ 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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