Assets of Express Bank in 2016 decreased by 34 million 899 thousand manats or 10.84% compared to 2015 and amounted to 286 million 822 thousand manat.
For the specified time bank liabilities decreased by 19.6% or 35 million 380 thousand manat and amounted to 144 million 789 thousand manat.
Deposits at the bank rose to 92 million 690 thousand manat (+ 7 million 259 thousand manat or 8.49%).
Call deposits of legal entities are 21 million 407 thousand manat and those of individuals are 10 million 915 thousand manat.
Timed deposits of individuals are equal to 60 million 368 thousand manat.
Express Bank’s capital for the reporting period amounted to 142 million 32 thousand manat (an increase of 480 thousand manat or 0.33%).
In 2016 the bank showed a profit of 439 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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