The assets of Bank Respublika in 2016 compared to 2015 increased by 18 million 556 thousand manat or 2%, amounting to 912 million 117 thousand manat.
For the specified time the bank’s liabilities increased to 871 million 793 thousand manat (an increase of AZN 33 million 855 thousand or 4%).
Deposits of legal entities in the bank during this period increased by 24.9% or 72 million 214 thousand manat and amounted to 361 million 855 thousand manat and the deposits of physical persons decreased by 77 million 949 thousand manat or 29% to 189 million 961 thousand manat.
The bank’s debt to financial institutions as a whole rose by 43 million 179 thousand manat or 16.1% and reached 311 million 58 thousand manat.
The bank's capital for the reporting period decreased by 15 million 299 thousand manat or 27.5% to 40 million 324 thousand manat.
The bank completed the year 2016 with a loss of 34 million 609 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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