The assets of JSC Bank Silk Way by the beginning of the year amounted to 368 million 153 thousand manats (+ 58.2% yoy).
Most (2.6-fold) increased deposits - up to 140 million 395 thousand manats and deposits of the population - 2.9 times to 129 million 307 thousand manats. The bank's liabilities increased by 2.1 times - up to 261 million 85 thousand manats.
The bank's loan portfolio by 1 January was equal to 346 million 953 thousand manats (+ 94%). The equity remained unchanged at 107 million 68.42 thousand manats.
The bank worked the past year with a net profit of 1.7 million manats.
JSC Bank Silk Way (former Azal Bank) with registered capital of 101 million 544.89 thousand manats has been in effect from 25 January 2008. Its shareholders are two individuals and one legal entity. --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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