On May 17 government bonds sold for a total amount of 10 million manats (circulation term - 1 year) marked a yield of 20.11% per annum. The weighted average yield on them was 11.9% per annum, according to BSE.
This auction was submitted 9 bids on behalf of 6 investors in the range of 25% - 9.5% rate of return on the total amount of 20.2 million manats.
The Ministry of Finance also auctioned bonds worth 10 million manats with a circulation period of 182 days. The same investors made applications for the total amount of 26.1 million manats. According to the results of the auction the yield on the securities was set in an average of 12%. Some investors will receive bonds yield at 12.93% per annum.
It should be noted that this year the yield on government bonds of the internal loan for the first time is more than 20% per annum. This is 8% higher than the yield on bank deposits. Thus, the government securities were the most attractive ones for investment. –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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