Loss from operations of BSE for 2015 increased by 7 times and made up 800 thousand AZN. This is evidenced by the financial report of the stock exchange.
Last year, the BSE tariff revenues amounted to 377 thousand manats, which was 60% less than in the previous year. The main reason for falling revenues is reducing operations with securities, both in the corporate and public sector.
Due to the funds in banks in the amount of 2.5 million AZN, 221.8 thousand AZN was gained. Most likely, these funds are held in foreign currency. Because of the devaluation of the manat the exchange saved 636 thousand AZN. As a consequence, the net profit of the BSE for 2015 amounted to 36.3 thousand AZN, 33% less than in 2014.
BSE was created in 2000. Its authorized capital is 1 million 260 thousand manats. The exchange shares are distributed among 20 investors, none of which has more than 10% of the shares.
As of January 1, 2016, BSE retained undistributed profit in the bank for a total amount of 1 million 874 thousand AZN. -----08D
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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