BAKU/07.12.12/TURAN State Committee for Securities registered the issue of unsecured, interest-bearing book-entry registered bonds of JSC Bank of Baku for a total of 10 million manat. The par value of a bond is 1 AZN, the period - 3 years, the annual interest rate - 12%.
According to the prospectus, placement will be conducted by public subscription at the Baku Stock Exchange. The uriter will be LLC Pasha Capital.
Bank of Baku has been operating on the banking market since 1994. Shareholders are three businesses and two individuals, including Rafik Aliev (11.22% in the share capital) - brother of disgraced Economic Development Minister Farhad Aliyev. -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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