Three of the five Supervisory Board members of Deka Bank, Rafael Aghayev, Sarkhan Hasanov and Ramal Guliyev were dismissed.
According to the bank, the Board now includes the newly appointed Lala Aghazadeh, the chairman Suraya Aghayeva and Azer Huseynov.
The general meeting of shareholders dismissed the Board chairman Niyazi Valiyev and appointed Ismayil Aliyev instead. In addition, there were a number of less significant appointments.
JSC Deka Bank is the first private bank of Azerbaijan, with a registered capital of 54 million 967 thousand manat, operating since 1989.
The bank's founders are private individuals. The latest data are not available. However, at the beginning of 2014, 30.4% of the business was oened by Rafael Aghayev, who left the business, 19.61% - by Niyazi Valiyev, and 9.99% - by Suraya Aghayeva, Vafa Alizadeh, Lala Aghazadeh, Rahil Ahmadov and Azer Huseynov. The majority of the shareholders are relatives of the former assistant to the President Tariel Aghayev. --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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