Assets of Ziraat Bank (Azerbaijan) in the fourth quarter of 2016 compared to the same period in 2015 increased by 46.48%, or 41 million 951 thousand manats, reaching 132 million 195 thousand manat.
For the specified time the bank liabilities amounted to 71 million 566 thousand manat (an increase of 35 million 556 thousand manat or 98.7%).
Bank deposits in the fourth quarter of 2016 amounted to 37 million 924 thousand manat, while for the same period in 2015 deposits accounted for 4 million 701 thousand manat.
The call deposits of legal entities in the bank are 15 million 486 thousand manat and those of individuals are 4 million 748 thousand manat.
The timed deposits of legal entities amount to 531 thousand manat and those of individuals are 17 million 158 thousand manat.
During the reporting period the growth of the bank's capital amounted to 11.79% or 6 million 396 thousand manat, reaching 60 million 629 thousand manat.
The bank completed the fourth quarter of 2016 with a net profit of 5 million 956 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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