The assets of Bank of Baku OJSC by October 1 amounted to 704 million 837 thousand AZN (minus 5.8% at the beginning of the year).
According to the bank, most of the bank's equity capital declined (minus 24% - up to 111 million 756.18 thousand AZN) and loan portfolio (minus 21% - up to 492 million 782 thousand manats).
Slightly decreased (minus 1.3%), total liabilities - up to 593 million 81 thousand manats. Investors are withdrawn from the account of money, causing deposits decreased by 7.3% - to 389 million 418 thousand manats.
Bank of Baku OJSC with registered capital of 52.87 million manat works since 1994. The Chairman of the Supervisory Board is Elchin Isayev, and the Chairman is Abbas Ibrahimov. Its shareholders are 3 legal entities and 2 individuals. --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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