On the background of the financial crisis Bank of Baku announced the closure of three of its metropolitan branches.
According to the information, the licenses of the branches May 28, Babek and Yeni Guneshli were canceled. According to experts of Turan IA, this is due to the fact that the bank preferred to extend the portfolio of consumer loans issued without collateral. And this has led to an increase in the proportion of problem loans, including overdue and "suspended" ones. Now there is a kind of recovery of the loan portfolio.
Recall that after today's announcement, the number of the bank's branches was reduced from 24 to 21.
JSC Bank of Baku received its banking license in 1994. Its shareholders are three businesses and two individuals. --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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