Dynamics of changes in some economic segments (05.10- 10.10.2009)

On Oct. 5-9, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was $69.9 per barrel, or $2.01 more than the previous price.

The maximum price was $71.18 per barrel. The minimum price was $67.75.

Azeri Light's density is 34.6 degrees API with a 0.14-percent sulfur content.

The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $66.7 per barrel, or $1.9 more than the previous price.

The maximum price was $68.31 per barrel and the minimum - $64.64.

Urals' density is 32 degrees API with a sulfur content up to 1.3 percent.

The oil grade's specifications vary when sold depending on its high/low-quality content.

The average price on Brent Dated was $67.8 per barrel, or $2 more than the previous price.   

The maximum price was $69.19 per barrel and the minimum - $65.53.

Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.  

Currency market

Last week the official rate of the manat against the US dollar, set by the Central Bank of Azerbaijan, consolidated 0.0002 points or 0.02 percent. The average rate was established at 0. 0.80332 manats to 1 U.S. dollar.

Last week the maximum rate of the US dollar compared to manat was established on Oct. 5 (0. 8035 manats to 1 U.S. dollar) and minimum on Oct. 8 (0.8032 manats to 1 U.S. dollar).

As a result of last week's exchange rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX), dropped by 0.001 points (0.1 percent). The average rate was fixed at 0.80368 to 1 U.S. dollar.

Deals concluded last week at BEST with transition to currency (T+0) comprised: Oct. 5, $4 million with the average sustained rate of 0. 8033 manats to 1 U.S.dollar, Oct. 6, $0.8 million with the average sustained rate of 0. 8042 manats to 1 U.S. dollar, and Oct. 7, $3.56 million with the average sustained rate of 0. 8034 manats to 1 U.S. dollar, on Oct. 8, $1.3 million with the average sustained rate of 0. 8033 manats to 1 U.S. dollar, and on Oct. 9, $10.645 million with the average sustained rate of 0. 8034 manats to 1 U.S. dollar.

No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. Appeals were not received on RUB/AZN and EUR/AZN (Ň+1, Ň+2).

Market of privatization vouchers

Last week the price of the privatization vouchers did not change, so purchase was 8 manats, and sale - 9 manats. Prices remain the same for several months, which is explained by reduction of rates of state property privatization, as the State Property Committee is currently undergoing structural transformation.

The validity period of the vouchers will expire on Jan. 1 2010. So far, around 75 percent of vouchers has been derived, and another extension of their validity period remains uncertain.

  • Weekly economic review (05.10- 10.10.2009)

To improve the legal framework of the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development, Azerbaijani President Ilham Aliyev issued a decree to approve the new regulations and rules for the use of the funds of the National Fund. Under the provision, the Fund is financed by the public budget, as well as by other sources.

The NFES funds are derived via budgetary funds, transfers resulting from its activities, including the payment of interest and basic debt on issued lax loans, fines and fee, the monetary assistance provided on a voluntary basis by local and foreign individuals and enterprises, aid and grants from foreign states and international organizations, loans, attracted by the State on the foreign financial markets. The presidential decree approved new regulations of the National Fund.

The funds may be used to finance investment projects of business entities in the priority areas of socio-economic development. Distribution of funds may be carried out through banks and non-bank credit organizations.

For efficient distribution of funds among the authorized credit organizations, by February 1, the Central Bank of the country must submit to the NFES Supervisory Board relevant information on financial and statistical indicators of credit organizations. And during the year, the CBA must inform in case of major changes in their data.

Under the rules, the repayment of funds on preferential loans, including main amount, interest, fees and commission payments remain at the disposal of the NFES, and up to 10 percent of these funds can be directed towards strengthening the material base and social protection of workers of the Fund.

New rates on loans were determined: small loans can be issued in amount of 10,000 to 50,000 manat for up to two years, average loans - from 50,001 to 250,000 manat to three years, large loans - from 250,001 to 1,000,000 manat for up to five years and large loans - from 1,000,001 to 5,000,000 manat for up to seven years.

To finance the media, fund's lending rate is 0.5 percent per annum, and other projects - one percent. The rate of credit of authorized credit institutions should not be more than 6 percent per annum (in financing projects for the development of the media - not more than 4 percent).

In the previous rules, the maximum amount of major projects totaled 3 million manat, while the annual rate on the loan was 7 percent.

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