The Council to ensure the financial stability led by the Prime Minister of Azerbaijan Artur Rasizadeh intends to make a decision on institutional governance of derived troubled assets of financial and credit institutions.
Commenting on the situation, the head of the Financial Markets Supervisory House Board of Directors Rufat Aslanli said this initiative is based on the proposals to change the legislation in order to regulate these issues.
The point is to make effective measures for the rehabilitation and restructuring of the banking system, resulting in problem assets separated from the healthy assets.
"The regulator is against the forced union of banks and insurance companies. Before the first wave of devaluation of the manat the share of loans in foreign currency amounted to 47%. After the December drawdown their nominal amount in manat has doubled, which creates problems with the implementation of the bank's liabilities in dollars and euros. After deciding these issues will soften,” he said. --17D-
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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