The international auditing company Deloitte & Touche will audit the consolidated financial statements of the International Bank of Azerbaijan (IBA) and its subsidiaries for the first half and all of 2014. The longtime partners have concluded a corresponding agreement.
This year, this service will cost the bank 306,800 manat, which is 47,000 manat less than in 2013. This is stated in the quarterly report of the State Procurement Agency.
For comparison, the audited financial statements of the state-run Azerbaijan Investment Company for 2013 (the auditor is LLC Baker Tilly Audit Azerbaijan) will cost 5,900 manat. According to operative data , as of April 1 this year, the International Bank assets grew at an annualized rate of 22.8 % and amounted to 7 billion 648 million manats. At the same time the loan portfolio exceeds 5.1 billion manat (+28.2 %). The total capital of the bank at the beginning of April this year reached 950 million manat with paid-in share capital of 500 million manat. Net income of IBA in the first quarter was 12.3 million manat. -08B-
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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