At the general meeting of shareholders of Bank Respublika it was decided to increase the authorized capital by AZN 20 million, the bank said.
The purpose of increasing the authorized capital is to provide the bank with additional capital and guarantee the bank’s stability and stable development. Thus, the authorized capital of the bank will be raised to 77 million 461 thousand manat.
It should be noted that the assets of Bank Respublika totaled 912 million 117 thousand manat in the result of 2016, the liabilities were 871 million 793 thousand manat, and the capital was 40 million 324 thousand manat.
The bank completed the year 2016 with a loss of 34 million 609 thousand manat.
Bank Respublika has been operating since 1992. Among the shareholders there are two representatives of financial institutions of Germany - a member of the banking group KfW (State Bank of Germany), the investment company DEG, and Sparkassen International Development Trust, a member of the financial group Sparkassen-Finanzgruppe. ----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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