Completed the process of increasing the authorized capital of the Central Bank of Azerbaijan (CBA) - up to 500 million manats, reporters were told by its head Elman Rustamov. According to him, this was achieved at the expense of profits.
Responding to questions from the media, he said that he would support the consolidation and represent its interests in court in connection with the revocation of the license of bankrupt JSC Atrabank and Qafqaz Inkishaf Banki. Regarding the consolidation itself, this process develops and will be completed after the assembly of new shareholders. The three banks have signed a protocol of intentions and conduct mutual assessment of assets, and etc.
According to Rustamov, the problem of the main regulator of banks is not in providing the financial market with exchange, but in preventing strong fluctuations of the exchange rate of the manat, which will continue to be on the shoulders of the state budget transfers from the State Oil Fund of Azerbaijan. --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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