The assets of Bank VTB-Azerbaijan for the first three quarters of 2016 compared to the same period in 2015 increased by 16.7% (61 million 972 thousand manat), amounting to 431 million 933 million manat.
The bank's liabilities for the reporting period rose to 395 million 28 thousand manat (70 million 413 thousand manat - 21.7%).
At the same time the bank’s debt to the Central Bank increased three times, amounting to AZN 30 million.
Deposits in the bank for the period increased by 23.7% (11 million 132 thousand manat) and are equal to 57 million 993 thousand manat.
In the structure of deposits demand deposits of legal and physical persons are 6 million 780 thousand manat and term deposits of individuals and legal entities are 51 million 213 thousand manat.
The bank's capital decreased by 18.6% compared to the same period last year (8 million 441 thousand manat), reaching 36 million 905 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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