The assets of JSC Caspian Development Bank amounted to 50 million 893.97 thousand manat, an increase over the past year by 3.37 times.
According to the financial statements on the website of the structure, the cash of CDB as of January 1 amounted to 38 million 314.82 thousand manat (an increase by 141.5 times), assets in securities - 12 million 256.521 thousand manat (minus 10.8 %).
The bank's liabilities are equal to 352.72 thousand manat (seven-fold drop in the level). The capital is 50 million 541.25 thousand manat (an increase by 4 times), the authorized capital - 50,020,000 manat (an increase by 4.16 times).
JSC Caspian Development Bank (previously Kovsar Bank) was established in 1988. In December 2014 part of the bank's shareholders changed, and in January the bank changed the name. In particular, Synergy Group founded in 2010 has become the main shareholder. --17D-
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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