The Board of Directors of the Financial Market Supervision Authority (FIMSA) decided to close the Inshaatchilar branch of Yapi Kredi Bank Azerbaijan in the Yasamal district and the Bilasuvar branch of Mugan Bank.
Both branches are closed on the basis of appeals of the banks themselves. Yapi Kredi Bank Azerbaijan explained the reason for the closure of the branch with the intentions of optimizing expenses.
Mugan Bank, in turn, explained the closure with the unprofitability of the branch, a decrease in the client base, and a small number of corporate clients in this area. ----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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