Assets of Muganbank by April 1 totaled 343 million 894 thousand manats (+2.6 % YTD).
According to this financial structure, the volume of its loan portfolio over the period increased by 10.9 %, amounting to 243 million 859 thousand manats. Liabilities of the bank are at 295 million 73 thousand manats, and on deposit accounts is 166 million 644 thousand manats .
The bank's equity grew to nearly requirements of the Central Bank (48 million 821 thousand manats) with the amount of the authorized capital being 41.31 million manat.
Net profit in the first quarter amounted to 1 million 903.53 thousand manats.
Muganbank was formed in November 1992. Chairman of the Board is Elmir Hasanov . Shareholders of the bank are Elmir Mehdiyev (63.5 %) and three other individuals. - 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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