In 2016 SOFAZ opened an annual deposit account to the amount of $500 million at the International Bank of Azerbaijan (IBA).
According to SOFAZ, annual rate of the deposit worth $500 million is 4%. The annual deposit contract expires on March 16, 2017.
According to the SOFAZ report, in 2015 profitability of the investment portfolio of SOFAZ constituted 1.24%. During the past 10 years (2006-2015) average profitability of the SOFAZ portfolio constituted 2.42% a year.
By January 1, 2016, SOFAZ’s assets, which are managed by the foreign managers, totaled $2,376,000,000 or 7.1% of the Fund’s assets.—0—
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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