Despite the existence of legislation, Azerbaijan has no investment companies. However , a group of employees of the State Committee on Securities and BSE during a visit to Germany, which was held from 7 to 11 October , received training on licensing of investment companies and control of the adequacy of their capital .
In the department of public relations SSC they told Turan that training for their employees conducted by specialists of the financial supervision authority of Germany - Bundesanstalt fur Finanzdienstleistungsaufsicht-da (BaFin). The training was organized by the twinning project, which is being implemented in cooperation with the Polish Financial Supervision Agency and the BaFin. The aim of this project is to bring the institutional, legal and regulatory framework for the securities market in Azerbaijan in line with EU standards, as well as raising awareness of participants of the securities market.
AR Law "On Investment projects" was adopted in December 2010. The minimum capital requirement for investment funds is 500 000 manats. - 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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