Baku Administrative Economic Court №1 announced "Bank of Azerbaijan" bankrupt and bankruptcy proceedings began. The court decision on bankruptcy of this bank was made on February 1 this year. The information was reported by the Ministry of Taxes. The report said that "the liquidator” is appointed the Deposit Insurance Fund. With respect to bankrupt the bank has begun registration requirements, this process will continue until 5 April.
On 18 January the Central Bank abolished the license of "Bank of Azerbaijan". The cause of failure is non compliance with the minimum requirements of total capital, the adequacy of joint capital was less than 3%, obligations to creditors and others were not fulfilled.
The "Bank of Azerbaijan" was in the banking market since December 1993. Controlling stake in the bank controlled both sons of the businessman Hafiz Mammadov. --08D--
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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