The bank JSC «United Credit Bank» has been officially declared bankrupt. According to the decision of the Baku Administrative-Economic Court N1, published by the liquidator (LLC Azerbaijan International Legal Company) in the official press, the bank's creditors have the right within 2 months to submit their claims in writing. The United Credit Bank license was revoked by the Central Bank of Azerbaijan (CBA) on January 25 because of not matching the minimum total capital requirements of the Central Bank (50 million AZN.) In addition, the financial institution has not kept its obligations to creditors, and did not provide a reliable and prudential management.
JSC «United Credit Bank» with the authorized capital AZN 22.11 million manat acted in the local market since 30 April 1996 (former joint Russian-Azerbaijani Commercial Bank "Russian Credit". Several times its leadership registered the issue prospectus of the State Committee for Securities, but unsuccessfully. Its main shareholder is the local structure of the United Business Company (88,79%), Ali Maraev - 8.24%, and 2.97% of shares - Ruslanbek Magomadov.-- 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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