. In August, the loss Demir Bank amounted to 260,000 manats, the bank said in its monthly report.
The bank completed the previous month with a net profit of 21,000 manats.
Since the beginning of the year the losses of Demir Bank have amounted to 3 million 675 thousand manats.
The bank’s total assets as compared to July increased by 2% (9,058,560 manats) in August and totaled 446,990,470 manats.
On the same index in foreign currency an increase of 1.5% (3,546,500 AZN) to 234,277,470 manats was recorded.
In August, the bank’s general liabilities increased by 2.49% (9,889,600 AZN), as compared to the previous month, and amounted to 39,637,970 manat. The liabilities in foreign currency increased 1.2% (3,099,072 AZN), reaching 257,505,240 manats.
The bank’s aggregate capital declined by 1.64% in August (- 831,000), amounting to 50,619,510 manats. ----72D
Economics
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The 12th International Caspian Energy Forum commenced today in Baku, organized by the Caspian Energy Club in collaboration with Enermus, bringing together over 500 delegates from across the Caspian-Black Sea and Baltic regions.
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The World Bank has recommended that Azerbaijan cut subsidies in its water sector to enhance system sustainability and address the escalating issue of water scarcity, Stephanie Stollmeister, Manager of the World Bank Representative Office in Azerbaijan, reported.
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Last week, the Central Bank of Russia raised the interest rate from 18% to 19% annually. The decision to increase the rate was made against the backdrop of rising inflation expectations among the public and businesses.
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Azerbaijan’s Cabinet of Ministers has announced a detailed timeline for the mandatory transition of labor contracts to an electronic document format, in accordance with a decree issued by the President of Azerbaijan on June 28, 2024. The resolution, signed on September 17 by Prime Minister Ali Asadov, outlines phased implementation deadlines for different categories of employers, with the aim of modernizing labor documentation and improving efficiency.
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