Assets of Demir Bank in the third quarter of 2016 compared to the same period last year increased by 83 million 162 thousand manat (18.6%), amounting to 530 million 152 thousand manat.
The bank's liabilities increased by 21.7% (86 million 101 thousand manat) to AZN 482 million 471 thousand during the period reported.
The bank's liabilities include deposits, which constitute 172 million 443 thousand manat. Deposits for the period increased by 9 million 657 thousand manat (5.9%).
Demand deposits of legal entities amount to 11 million 656 thousand manat and demand deposits of individuals amount to 13 million 686 thousand manat.
The bank has 295 thousand manat of term deposits of legal entities and 146 million 805 thousand manat of term deposits of individuals.
The debt of Demir Bank to the Central Bank of Azerbaijan increased from AZN 20 million in the third quarter of 2015 to 37 million manat in the same period this year.
The bank's capital fell by 2 million 939 thousand manat (5.8%), amounting to 47 million 680 thousand manat.
The bank had 124 thousand manat of profit in the third quarter of 2016. -----71D
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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