Assets of Access Bank in the third quarter of 2016 decreased compared to the beginning of the year by 11.3% (134 million 709 thousand manat), amounting to 1 billion 54 million 88 thousand manat.
The obligations of the bank during the reporting period decreased by 60 million 498 thousand manat (5.8%) and accounted for 970 million 59 thousand manat.
The deposits of Access Bank decreased by 10 million 635 thousand manat (3.8%) and amounted to 269 million 177 thousand manat.
The debt of the bank to the Central Bank of Azerbaijan increased from 20 million to 30 million manat from the beginning of the year.
The capital of Access Bank for the reporting period amounted to 84 million 29 thousand manat (a decrease of 46.9% - 74 million 211 thousand manat). ----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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