The assets of Bank of Baku in the third quarter of 2016 compared to the second quarter decreased by 6.4% (37 million 844.54 thousand manat), amounting to 549 million 542.43 thousand manat, the bank said.
During the reported period the bank's liabilities amounted to 498 million 990.24 thousand manat, decreasing by 4.5% (23 million 664.74 thousand manat).
The bank’s capital was reduced by 14 million 179.79 thousand manat (21.9%) and amounted to 50 million 552.19 thousand manat.
The bank’s funds increased by 2 million 114 thousand manat since the beginning of 2016, reaching 114 million 358 thousand manat. ---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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