The Ministry of Finance draws from the local market additional 15 million AZN through the placement of bonds with a circulation period of 364 days. The auction will take place on October 11.
At the previous auction in Baku Stock Exchange on 20 September the Ministry of Finance placed bonds at an annual average rate of 15.38% per annum. Thus, the T-bills are attractive for finance companies as an investment tool, as the interest rate on them correspond to the refinancing rate of the Central Bank - 15%.
It is noteworthy that over the last six months, the Ministry of Finance has not put T-bills in the dollar issue on auction.
T-bills are means to cover the state budget deficit. -----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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