Short-term notes of the Central Bank of Azerbaijan (CBA) Series 50103934S worth 3.76 million manat were released at auction, held September 26, 2012. The volume of accepted non-competitive bids was 250,000 manat.
The announced offer was worth 35 million manat, put up for sale were notes worth AZN 10 million, and the total demand for them from three investors exceeded 3.75 million at face value. The orders were presented in the price range from 99.8830% (YTM 1.51%) to 99.7285% (3.50%).
The price cut for competitive bids in the CBA was at 99.7285% (3.50%) and the weighted average price was at 99.8291 (2.20%).
Notes are due to be repaid on October 24, 2012. - 15D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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