Weekly review of events in Azerbaijani financial market

Weekly review of events in Azerbaijani financial market

BAKU, Azerbaijan, Sept. 29

Trend:

Last week, a meeting dedicated to the issuance of bonds of Azerbaijan’s AzerGold CJSC at the Baku Stock Exchange (BSE) was held, Trend reports referring to the Ministry of Economy.

The Minister of Economy Mikayil Jabbarov related the issuance of bonds of AzerGold to one of the crucial events for the capital market in 2020. He called the emission of the bonds as a result of measures taken towards the financial sector development in Azerbaijan.

At the auction on the placement of AzerGold company’s interest-bearing, unsecured, book-entry bonds worth $10 million, the demand for bonds placed upon the competitive auction method exceeded supply by 2.5 times.

Also last week, the Financial Monitoring Service of Azerbaijan, together with the Agency for the Financial Technology Transfer (ATTF), Grand Duchy of Luxembourg, organized training in the format of a videoconference on combating money laundering and the financing of terrorism. The purpose of the training was to study the basics of combating the financing of terrorism, to raise awareness of international organizations fighting to reduce the risk of terrorist financing, and to ensure that clients understand the content of a simplified and enhanced system of individual identification and verification.

Furthermore, the 1st International Online Forum of Entrepreneurs was held last week. At this event, Zaur Gardashov, advisor to the chairman of the Agency for the Development of Small and Medium-Sized Entities (SMEs) under the Ministry of Economy, said that the agency spends more than 70 percent of its resources on protecting the interests of entrepreneurs dissatisfied with the services of other state institutions, and this issue should be adequately resolved by using international experience. For this reason, the adviser noted, the agency will create round-the-clock appeal councils that will consider complaints from micro-entrepreneurs on the facts of the inaction of officials.

As reported by the State Statistics Committee of the Nakhchivan Autonomous Republic, the banking and non-bank credit organizations of Azerbaijan’s Nakhchivan Autonomous Republic issued the loans to legal entities and individuals in the amount of 119.4 million manat ($70.2 million) from January through August 2020, which is 53.8 percent more than in the same period of last year. The loans for 13.9 million manat ($8.2 million) or 11.6 percent accounted for short-term loans while loans for 105.5 million manat ($62.05 million) or 88.4 percent - long-term loans.

The Center for Analysis of Economic Reforms and Communication (CAERC) under Azerbaijan’s Ministry of Economy held a meeting with representatives of the Azerbaijan Insurers Association (AIA). The proposal of the AIA management to place insurance services on the Azexport portal was positively assessed by CAERC. Following the discussion, an agreement was reached to prepare an action plan and form an expert group to continue cooperation between CAERC and AIA.

The total volume of deposits in Azerbaijan amounted to 19.6 billion manat ($11.5 billion) at the end of August 2020, which is 1.03 percent more than last month, and the volume of loans issued by Azerbaijani banks to clients as of September 1 this year amounted to 14.3 billion manat ($8.4 billion).

In addition, last week's prices for precious metals declined, as well as the manat’s rate to the currencies of the main partner countries increased.

Zeyni Jafarov

Department of Economics at Trend News Agency

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