The assets of Bank VTB (Azerbaijan) in 2016 decreased by 30 million 196 thousand manat or 6.5% compared to 2015 and amounted to 435 million 563 thousand manat.
The bank's liabilities during the reporting period decreased by 11.8% or 53 million 558 thousand manat, reaching 399 million 431 thousand manat.
The volume of bank deposits is AZN 43 million 129 thousand and the debt to the Central Bank is 30 million manat.
Capital Bank VTB (Azerbaijan) for the specified time increased from 12 million 770 thousand to 36 million 131 thousand manat.
The bank completed 2016 with a loss of 2 million 624 thousand manat.
The bank's authorized capital is 50 million 815 thousand manat. 51% of the shares belong to the Russian side - Bank VTB, 48.99% - to the Azerbaijani side - Ata Holding and 0.01% - to an individual Ashraf Kamilov. ---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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