The National Bank of Iran (Bank Melli Iran) is in no hurry to expand the capabilities of its Baku branch – by April 1, its assets grew by 10.1% to the beginning of the year, reaching 84 million 310 thousand manats. Against the background of the local credit institutions with billions in assets it is minuscule.
This is evidenced by the level of the total loan portfolio - 6 million 151.41 thousand manats (+ 8.1%) in the liabilities of 33 million 182.03 thousand manats (+ 27.8%). The equity capital meets the requirements of the CBA capitalization - 51 million 128.02 thousand manats (+ 1%) at constant in the authorized capital of 51 million 0.4 thousand manats.
In the first quarter, the bank worked with a net loss of 336.13 thousand manats.
The local branch of Bank Melli Iran was founded in Baku in 1993. --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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