Assets of the «AFB» Bank in 2016 compared to 2015 decreased by 8.284.000 manats, or 2.68%, and totaled 300.446.000 manats. According to Turan, the bank's liabilities during the reporting period decreased to 219. 311.000 manats (-13,053.000 manat, or 5.61%).
Deposits in the «AFB» Bank fell by 45. 985.000 manats, or 32.2%, to 96.723.000 manats. Deposits of legal entities amount to 46.861.000 manat, and 16.679.000 manats.
Term deposits of legal entities «AFB» make up 26.151.000 manat and 7.031.000 manats.
The bank's capital «AFB» for the period amounted to 81.134.000 manat (an increase of 4.768.000 manats or 6.24%). The bank completed the 2016 year by a profit of 2.554.000 manats. The bank's authorized capital is 70.393.000 manats. 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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