Before July 1, next year Azerbaijan is to introduce an information system for the operation of the new legal framework for the securities market.
The Deputy Chairman of the State Securities Committee (SSC), Ilgar Muradov, told the media at the presentation of the Law "On the Securities Market" the work is underway to upgrade the architecture phase of this segment of Finance. Since the new law came into force in July this year, there is a need to create new financial institutions.
Recall, according to innovation, it is expected unification of licenses for professional activity of brokerage and dealer companies, and they will have the status of investors. In addition, the licenses of the new sample will register not only the basic, but also the supporting services of its owner. In addition, the resolution will be open-ended (today they are issued for a period of 5 years).
The project Modernization of Capital Market financed by the World Bank is based on the victory of the Korea Stock Exchange in the tender for the development and implementation of information systems at the contract value of $ 5,546,000 in January 2015. --17D-
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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