The assets of Bank Silk Way in 2016 compared to 2015 increased by 42 million 39 thousand manat, or 11.6%, amounting to 403 million 992 thousand manat.
The bank's liabilities for the specified time increased by 29 million 22 thousand manat or 11.2%, reaching 287 million 531 thousand manat.
The volume of bank deposits of Silk Way during this period amounted to 170 million 44 thousand manat (an increase of 20 million 804 thousand manat or 13.9%).
Call deposits of individuals are 35 million 636 thousand manat and those of legal entities are 7 million 501 thousand manat.
Timed deposits of individuals are 120 million 381 thousand manat and those of legal entities are 6 million 525 thousand manat.
The debt of Bank Silk Way to the Central Bank is equal to 22 million 500 thousand manat.
The bank's capital for the reporting period increased by 12.58% or 13 million 17 thousand manat, reaching 116 million 461 thousand manat.
The bank ended the year with a profit of 1 million 558 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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