The Cabinet identified on January 25 criteria for determining the countries, the securities of which may be included in the provision of mortgage bonds, as an additional asset.
According to the decision, in the provision of mortgage bonds, as additional assets, the securities of the following countries can be included:
- The countries of the Organization for Economic Cooperation and Development (OECD), which have a long-term credit rating at BBB- (according to the classification (Standard & Poor's and Fitch) and Baa3 (Moody's);
- Countries which are not OECD members, have long-term credit rating of AA - (Standard & Poor's and Fitch);
- Countries and their central banks, which have long-term credit rating of Aa3 (Moody's).
JSC AMF produces secured mortgage bonds. However, the Fund does not say specifically what securities they are secured by.
Recently, the AMF announced the release of interest-bearing mortgage bonds for AZN 50 million at 3% per annum. At the first step bonds totaling 10 million manat will be placed. --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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