Bank BTB concluded the year 2016 with a loss of 786 thousand manat.
In 2016 the bank's assets rose by 30 million 459 thousand manats or 14.43% compared to 2015, reaching 241 million 508 thousand manat.
During the reporting period, the bank's liabilities increased by 43 million 140 thousand manat or 27% to 202 million 508 thousand manat.
Deposits in the bank decreased by 15 million manats or 19.3%, and now are 65 million 942 thousand manat. Of these, 58 million 779 thousand manat is in foreign currency.
Call deposits of legal entities in the bank account for 1 million 723 thousand manat and those of individuals are 6 million manat.
The bank also has timed deposits of individuals in the amount of 58 million 218 thousand manat.
During the reporting period, Bank BTB reduced the debt to the Central Bank of Azerbaijan from AZN 38 million 110 thousand to AZN 30 million 900 thousand.
The bank's capital during this period decreased by 24.7% or 12 million 680 thousand manat, amounting to 38 million 622 thousand manat. ----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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