The auction on placement of bonds in the amount of 5 million manat belonging to Azerbaijan Mortgage Fund is scheduled for 1 April. According to the AMF website, the action is carried out in the framework of the ninth issue. There are 5,000 bonds denominated in one thousand manat for each security. The bonds will be exhibited at the price of 100.6500%.
AMF has placed bonds for 3 million manat from the ninth issue. Recall, the State Securities Committee (SSC) on December 30 last year registered the ninth AMF bond issue in the amount of 50 million manat. The emission is divided into 50,000 covered bonds denominated in one thousand manat per security. The maturity of the bonds is 10 years at a rate of 3% per annum.
From 2009 to 2015, the AMF within eight issues posted bonds totaling 340 million manat.
AMF was established in December 2005 and the next March it began to issue mortgage loans. Issuance of social mortgage (maximum size is 50 thousand manat at a rate no more than 4% per annum) financed from the state budget began in January 2007 and lasted for 6 months.
Mortgage loans on commercial terms are given in manat and only to Azerbaijani citizens. Loans are granted for a term of 3 to 25 years and the maximum loan must not exceed 50 thousand manat. A loan is granted at a rate of no more than 8% per annum. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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