At the July 26 auction on placement of T-bills outstanding for a period of 364 days, investors submitted bids lower than exhibited in the securities trading.
According to the Baku Stock Exchange, the Ministry of Finance planned to offer bonds for the sum of 10 million manat. Five investors submitted bids totaling 7 million manat. However, they intend to get their yield at the level of 12% to 20% per annum. The Ministry of Finance did not agree with this.
In another auction on placement of bonds with a maturity period of six months, the Ministry of Finance placed only one-third of the securities offered for sale (15 million manat at face value).
Seven investors submitted bids totaling 25.2 million AZN and expect to get a return on the level of 6% to 26.1% per annum. By results of trades the Ministry of Finance has placed bonds worth a total of 4 million 781 thousand manat at face value. Yield to the bonds ranged from 7.9% to 10.9% per annum. 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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