JSC VTB Bank (Azerbaijan), opening the Neftchilar branch, increased the number to 15. By the end of this year, it is scheduled to increase its branch network to 20 units, the bank's chairman Yuri Yakovlev told the media.
"Preparations are under way for the opening of a branch in Ganja. The remaining four objects also outline solid prospects," he said, without specifying in what regions it is planned to open new branches.
According to him, last year, the financial structure actively expanded its branch network - eight branches were opened.
In March 2009 CBA gave JSC VTB Bank (Azerbaijan) a banking license. The bank shares are 51% owned by JSC VTB Bank, 48.99% by the group of companies Ata Holding, and 0.01% - by an individual. --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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