The management of the Bank of Baku has faced personal changes. Abbas Ibrahimov has been appointed the Chairman of the Supervisory Board.
According to the report of the financial agency, which is most actively increasing the portfolio of consumer loans, Ibrahimov has assumed his duties today.
This is not a new person in the "family» of the Bank of Baku - he began his career in 2005 and after five years he became Deputy Chairman of the Board at the position of head of the retail lending sector.
Ibrahimov as Chairman of the Board of the bank replaced Farid Huseynov, who went to another financial institution.
The Bank of Baku was established in 1994. Its shareholders are three businesses and two individuals. One of them, Hikmet Ismayilov, recently acquired 21.11% of the shares of JSC Bank of Baku, previously owned by Rafig Aliyev (brother of disgraced ex-Economy Minister Farhad Aliyev). --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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