CJSC National Depository Center is canceled and according to the law of AR "On securities market" will continue to act as a non-profit organization. The relevant proposals are presented by the State Securities Committee of the State Committee on Property, according to NDC board.
In line with the law that came into effect on 15 July this year, the licenses for clearing and depository activities are suspended. All structures that act as depository transfer securities held by them to NDC. Registers of securities holders as from 15 September are to be transferred to the NDC, which acts as a central depository in Azerbaijan. Member of the Central Depository will investment companies and depositories of investment funds.
Professional participants of the securities market should bring their organizational structure to meeting the new requirements.
Register of notary transactions on securities will be automated and the information about these transactions will be transmitted electronically to the NDC. --08B
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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