On 28 September the Ministry of Economic Development hosted the signing of the Charter of the Trade and Development Bank (ECOBank) of the Economic Cooperation Organization (ECO).
The press service of the Ministry of Economic Development told Turan that Azerbaijan takes 3% of the share capital of ECO Bank. It will cost the state budget 9.97 million SDR.
Membership in ECO Bank will open new opportunities to finance private sector projects, as well as the expansion of trade and economic relations with the member countries ECO, said the ministry
ECO Bank has been in force since 2008. Its existing shareholders are Turkey, Iran and Pakistan. The authorized capital exceeds $ 1.5 billion. Afghanistan has also recently signed the charter of ECO Bank.
ECO was established in 1985. It consists of 10 Muslim countries.
Special Drawing Rights (SDR) is an artificial back and tender issued by the International Monetary Fund (IMF). It has only non-cash form as entries in bank accounts. Bills were not issued. - 08D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review