Assets of AzerTurk Bank in the third quarter of 2016 rose by 144 million 52 thousand manat compared to the beginning of the year (21.7%), amounting to 807 million 630 thousand manat.
During the reporting period, the bank's liabilities increased by 21.4% (132 million 186 thousand manat) to 749 million 855 thousand manats.
During this period, the capital of AzerTurk Bank rose to 57 million 774 thousand manat (growth by 25.8% - 11 million 865 thousand manat).
The bank's profit amounted to 10 million 466 thousand manat in the third quarter of 2016. ------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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