Equity of local DemirBank by July 1, 2014 made up 62.8 million manat (5.7% at the beginning of the season). This 12.8 million manat exceeds the requirements of the Central Bank of the Republic of Azerbaijan to the minimum capitalization (from January 1 next year, 50 million manat).
According to the reporting of this financial structure for the first half, its assets also increased (1.9%), reaching 412.9 million manat. The loan portfolio in this period also increased (3%) to 319.5 million manat.
The total volume of term deposits in the bank at the beginning of July this year reached 165.6 million (+4.7%).
JSC DemirBank was established in 1989 and is the first private bank. Among its shareholders there are more than 850 individuals and entities. Distinguished among them are the European Bank for Reconstruction and Development (25% +1 share) and Netherlands Development Finance Company (FMO, 10%). - 17D-
Economics
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The first industrial explosives plant commissioned by “AzerGold” CJSC's subsidiary, “AzerBlast” LLC, has commenced full-scale operations in Ganja. The facility, established through a public-private partnership, aims to meet the increasing domestic demand for civilian explosives and reduce import dependence.
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After the price increase of Ai-92 gasoline and diesel fuel in Azerbaijan at the beginning of July this year, some drivers are complaining about increased fuel consumption. They claim that they used to cover longer distances with the same amount of fuel before.
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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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