The JSC «AtaBank» excluded from the list of Rating Watch Negative Fitch Ratings international rating agency. In addition, Fitch experts confirmed short-term rating of the local financial and credit structure on the level «B», as well as the long-term rating at the level «B-». According to the bank, while estimation the agency referred to the positive corporate governance practices of transparency and stability. JSC «AtaBank» was created in 1994, its network includes 26 branches and offices in the capital and regions of the country. At the end of last year, its own capital decreased by 14.4%, and amounted to 53.7 million AZN with unchanged by the end of the year the authorized capital of 50 million AZN. The Bank worked with a net profit of 1.4 million AZN. Its only shareholder is Ata Holding group of companies. --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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