Assets of JSC "Bank Standard" increased in January-December 2012 by 16% to 799.35 million manat. Lending to individuals and businesses has increased to 530.23 million manat.
Deposit portfolio amounted to 538.97 million manat. Of these, 427.91 million manat fell to urgent client investments.
Balance capital decreased by 12.7 million or 18.2 percent of the 57.23 million manat. Paid authorized capital remained at the level of AZN 75 million.
Total income of the bank for the past four quarters totaled 80.14 million manat.
With the end of the third quarter of 2011, the bank hides data about their own costs and the level of total capital. - 15B -
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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