In the first half of 2016 Demir Bank closed three of its branches. The bank reported that on the website of the electronic disclosure system of accountability (disclosure.az). The branches Bakikhanov, Icheri Sheher and Khirdalan closed.
During the reporting period, the number of bank employees was reduced from 1,008 to 787 (by 221).
Demir Bank began operating in 1992. The bank's authorized capital is 21 million manat. The bank's shareholders are 815 individuals and 18 legal entities. The largest shareholder among legal entities is the European Bank for Reconstruction and Development - 25%. Among individuals, the biggest share belongs to the head of the Supervisory Board Rahman Hajiyev - 19.72%.
Recall that on November 11, Fitch Ratings downgraded the issuer default rating of OJSC Demir Bank from «B-» to «CCC». The rating agency lowered the level of the short-term rating to "C" from "B".
The agency noted that the bank was unable to solve the capital problems and is in urgent need of external support to restore its solvency. ---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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