In the first half of 2016 the JSC "Bank Silk Way" had $429.000 manat losses. They can be attributed to technical losses, since they arose due to allocations to reserves for possible losses of assets. According to the bank's report, in the first half were created reserves for possible losses in the amount of 7.124.000 manats. Operating profit of the Bank Silk Way for the period amounted to about 6.7 million manat.
Over six months the bank's income only for foreign exchange trading amounted to 3.7 million manats.
For July 1 of this year, Bank Silk Way assets amount to 364.4 million manats. Of these, the share of loans to customers, amounts to 346,200,000 manats. Of this amount, 193.8 million manats granted in foreign currency.
The volume of bank deposits totals 148.2 million manat, of which 132.8 million manat were invested in foreign currency. In 2015, with revenue of 32.4 million AZN the OJSC "Bank Silk Way" got 1.5 million manat net profit. Shareholders of Bank owned capital in the amount of 106.6 million manats. --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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