JSC Caspian Development Bank has become a full member of VISA International. As stated by the financial structure, the decision was taken at the last meeting of the VISA in Singapore.
Membership in the global system allows financial institutions, including CDB, to issue cards of that community. In particular, the bank plans to offer its customers 7 banking products of VISA: VISA Electron, VISA Classic, VISA Gold, VISA Platinum, VISA Infinite, VISA Business and VISA Virtual.
JSC Caspian Development Bank (known by its earlier name Kovsar Bank) was founded in 1988. In December 2014 the composition of shareholders of the bank changed and its owner is Synergy Group. That is why in January of this year, the bank changed its name too. The authorized capital is 50.02 million manats. --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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