On October 18 the Ministry of Finance placed only a third of the T-bills offered to investors with a maturity period of 182 days, according to BSE.
Investors bought 71,362 of the 200,000 T-bills auctioned. From the sale of T-bills with a nominal value of 7 million 136.2 thousand manat the Ministry of Finance was able to raise just 6 million 576.5 thousand manat.
BSE reports that 4 investors participated in the auction, which offered from 91.3 to 93.3 manat per T-bill with a par value of 100 manat.
As a result, the weighted average yield of the T-bills amounted to 17.16% per annum. At the previous auction on September 6 the Ministry of Finance agreed with investors about the level of 10.79% per annum.
The T-bills are discounted. They are placed below the nominal value and shall be redeemed at par on the expiration of their term to maturity. ---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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