Assets of Pasha Bank in 2016 compared to 2015 increased by 46.9%, or 1 billion to 2 million 610 thousand manat, amounting to 3 billion 138 million 773 thousand manat.
The bank's liabilities growth over a specified time amounted to 960 million 283 thousand manat or 54% and reached 2 billion 736 million 408 thousand manat.
The capital of Pasha Bank for the reported period amounted to AZN 402 million 364 thousand - increase of 42 million 326 thousand manat or 11.7%.
In 2016, the bank showed a profit of 48 million 299 thousand manat.
The bank's authorized capital is 333 million 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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