Fifteen out of the 32 banks failed to release a report for the IV quarter, while according to the law, they must do so no later than one month after the end of the quarter, the banking expert Akram Hasanov said.
On his profile on Facebook, the expert said that those who made reports made several infringements without specifying the date of publication of the report, or publishing an incomplete report.
“Banks hiding their reports cannot be trusted and should not be stored money. Banks, which were closed in the past year, constantly hid their reports,” he said.
At the same time, Hasanov noted that the credibility of the banks which issued reports is also conditional, as the Financial Markets Supervision House reports that some banks publish distorted reports.
“For example, there is a bank that publishes reports and expresses its profitability, but cannot return deposits for months,” the expert said.
Hasanov said that if banks hide their reports, their advertising on the capital increase and other successes is nothing but verbiage. ----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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