Last Friday Central Bank of Azerbaijan (CBA) officially confirmed that by the decision of the Board of July 12, 2012 a banking license was withdrawn from Royalbank.
A source from CBA said that the decision was made, because the bank failed to observe demands of minimum level and adequacy of aggregate capital, non-fulfillment of obligations to creditors, including management and current activities of the banks were unreliable and did not observe the written directions of CBA.
Temporary administrator was appointed by the decision of CBA Board. He will be located in the main office of the bank.
US citizen of Iranian origin Al Cam is the main shareholder with 44.5% share in the capital in Royal Bank since 1993.
At present Azerbaijan has 43 branches of the bank, of which one is a state financial organization.-0-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review