In order to further broaden and diversify the currency basket, SOFAZ has started making investments in Chinese Yuan, reported press office of the State Oil Fund of Azerbaijan (SOFAZ).
The required license has already been obtained from the People’s Bank of China (PBC) for investments of up to RMB 3 billion and a contract has been signed with the PBC for the purchase and custody of yuan denominated sovereign and agency bonds. As of July 1 2015, first investments in Chinese Yuan have been made.
Going forward, Sofaz is planning to gain exposure to Chinese equity markets. To this end, we have taken steps to obtain the “Qualified Foreign Institution Investors” license granted by the China Securities Regulatory Commission.—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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