Azerbaijan Industrial Bank (Azerbaijan Senaye Banki) assets rose by 0.67% in the third quarter of 2016 (4 million 247.880 thousand manat), amounting to 636 million 406.150 thousand manat.
According to Turan, during the reporting period, the bank's liabilities amounted to 552 million 586.070 thousand manat (an increase of 0.44%, or 2 million 462.229 thousand manat).
In the third quarter, the bank's capital increased by 1 million 785.660 thousand manat (2,17%), amounting to 83 million 820.090 thousand manat.
During this period, the bank's profit amounted to 5 million 991.670 thousand manat. -----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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