The general meeting of shareholders of JSC AG Bank yesterday appointed the Deputy Chairman Afghan Jalilov as Acting Chairman. Reportedly, it was due to the fact that the Chairman of the Board Azer Movsumov wass elected to the Supervisory Board.
Besides him, the Supervisory Board consists of its permanent Chairman Chingiz Asadullayev, Farzulla Yusifov, Grigory Marchenko, and one representative of the International Finance Corporation, the founder.
Board members, except Afghan Jalilov, are Deputy Chairman Tokay Alizadeh, Sakina Khalafova and Elnur Musayev.
The Audit Committee represents a rookie Mikhail Frantsev, the Chairman Fikret Bakhishov and Asif Chokhlayev.
JSC AG Bank with registered capital of 102.2 million AZN has been operating under the CBA license since 1992. The bank's shareholders include Chingiz Asadullayev (23.27% stake), the International Finance Corporation (17.65%), the company Kazimir Partners (10%) and Farzulla Yusifov (17.767%), plus 60 minority shareholders (31.47%). --17D-
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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