Assets of Ziraat Bank Azerbaijan in the third quarter of 2016 increased by 3.8% (4 million 327.240 thousand manat) as compared to the second quarter, amounting to 117 million 305.340 thousand manat.
The share of foreign currency assets was 55 million 619.010 thousand manat.
The bank's liabilities during the reported period increased by 2 million 259.301 thousand manat (4%) and amounted to 57 million 709.011 thousand manat (the share of foreign currency - 45 million 835.790 thousand manat).
The bank's capital in the third quarter amounted to 59 million 596.329 thousand manat (an increase of 2 million 067.949 thousand manat, or 3.5%). -----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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