Yesterday a branch of JSC VTB Bank (Azerbaijan) opened in Ganja. This is the 14th division, including the 3rd regional one, according to the authors of the press release.
"This year, the expansion of the branch network in the regions of Azerbaijan is one of the priorities of the development strategy of our bank. The first will focus on regions where there is a need for banking services to expand their business with Russian partners," the Chairman of the Board VTB Bank (Azerbaijan), Yuri Yakovlev is referred as saying.
The branch Ganja serves not only Ganja, but also residents of the neighboring areas: Naphthalan, Agstafa, Gazakh, Dashkesan, Gadabay, Tovuz, Goranboy, Goygol, Samukh, and Shamkir. As previously reported Yuri Yakovlev, the bank plans to bring the branch network to 20 outlets this year.
JSC VTB Bank (Azerbaijan) obtained a license from CBA in March 2009. The bank shareholders are: 51% - JSC VTB Bank, 48.99% - Ata Holding, and 0.01% - an individual. --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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