Azeri Finance Ministry issued a USD 65 million state bonds

The Azeri government has made a decision on issuing long-term state bonds by the Finance Ministry for the sum equivalent to the main debt of the National Bank. The Finance Minister of Azerbaijan Avez Alekoperov informed CNA that under the terms on issuing state bonds the Finance Ministry will carry out the emission for 304 billion manats (more than $65 million) and will transfer the bonds to the National Bank, which will suspend the circulation of the bonds. The nominal cost of bonds is 1 billion manats (USD 215,000), the term of circulation – 20 years, profitability – 0.3%. Covering of debts by state bonds will be permitted starting from June 1 of 2011, within 10 years with equal shares.