The assets of AFB Bank in the third quarter of 2016 compared to the beginning of the year decreased by 14 million 891 thousand manat (4.8%), amounting to 293 million 839 thousand manat.
The bank's liabilities for the period decreased by 10.5% (24 million 450 thousand manat) to 207 million 914 thousand manat.
Deposits in the bank for three quarters of the current year amounted to 99 million 406 thousand manat. In the structure of deposits demand deposits of legal entities amount to 77 million 543 thousand manat and time deposits of legal entities were 876 million 76 thousand manat.
Demand deposits of individuals amounted to 16 million 69 thousand manat, while time deposits of individuals were 4 million 916 thousand manat.
The bank's capital in the first nine months of 2016 increased by 12.5% (9 million 559 thousand manat) and made up 85 million 925 thousand manat.
Over three quarters AFB bank had 4 million 341 thousand manat of net profit. ------71D
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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