According to the statements of Capital Bank, for the last year, the Central Bank of Azerbaijan (CBA) during the financial cycle gave it loans totaling 103 million manats. Statistical information about the goals, the terms or the returns of the lending is not available.
The head of CBA Elman Rustamov stated the requirement to help needy financial institutions, but in fact because of the irrational approach, CBA allocates concessional loans to very wealthy banks tied to the political elite of the country.
JSC Capital Bank (once the successor of the Savings Bank) has been operating for more than 140 years. Its main shareholder is Pasha Holding (99.87% of the shares), while individuals own 0.13%. --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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