The Ministry of Finance of Azerbaijan started preparation to long-term state bonds issue. Officials of the Ministry told Trend the work is being performed for further issue of 2, 3 and 5-year bonds.
The only obstacle is the Rules of Emission and Circulation of state bonds, and it has already been removed. Officials of the Stat Securities Committee said the necessary changes in these rules had been made.
This year Finance Ministry first time started issuing one-year bonds. However, taking the low demand for one-year bonds into consideration the demand for longer-term bonds is doubted as well. Today one-year state bonds at 7mln manat are in circulation. Such a low demand is explained by high rates of national currency strengthening.
According to the approved schedule, in 2006 it is planned to deploy 16 issues of one-year and six-month bonds, while 23 issues are suggested to the shorter term.