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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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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