Today started placement of short-term notes of Central Bank of Azerbaijan in the amount of 5 million manat.
According to the Baku Stock Exchange (http://www.bfb.az/news/2013/07/mb-not-yerlesdirme/2942), maturity of 50 thousand securities series 50102638S nominal value of AZN 100, will be 28 days, maturity date - July 31, 2013.
Each bank has the right to a maximum of 3 applications. Allowed at the auction, noncompetitive bids do not exceed 20% of the issue. If the total volume of orders for bonds purchase submitted by auction participants is less than 20% of the bonds offered by the issuer to the auction, the issuer has the right not to accept the application.
The total declared amount of accommodation of the CBA notes is 30 million manat. - 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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