State medium-term bonds (GEO) series AZ0106008359 totaling 1 million manat were placed on the auction held on September 28 at the Baku Stock Exchange.
Total volume of orders submitted by two investors made AZN 2.2 million at face value. Orders were granted at a price of 100.21%, 100.27% and 100.50% (YTM 5.00%).
Repayment of GEO will be held September 25, 2015.
The same day, the Ministry of Finance posted on the Exchange public callable bonds (CGB) series AZ0204008376 amounting to 6.05 million manat.
The volume of bids submitted by the two bidders exceeded 6 million AZN at face value. Applications were submitted and satisfied proportionally at the price 100.00% (YTM 4.00%).
Repayment of these callable bonds will be on 27 September 2013. -15D-
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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