Assets of JSC Bank Standard in Jan-March 2013 grew by 9.7%, amounting to 876.89 million manat. Lending to individuals and legal entities rose to 580.35 million manat.
Deposit portfolio amounted to 577.62 million manat. Of these, 462.93 million manat fell to urgent client investments.
The balance capital decreased 4.32 million or 7.5 per cent to 52.91 million manat. Paid charter capital remained at the level of AZN 75 million.
The total income of Bank Standard in the first three months of this year amounted to 19.67 million manat.
Since the end of the third quarter of 2011, the bank hides from the public the data on its 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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