The financial statements of the "sick" International Bank of Azerbaijan (IBA) for the first half year have been promulgated. According to the documents certified by the auditors, its current debt only to foreign financial institutions is 104 million 830 thousand manats (+ 49.8% YTD).
Total debt as subordinated loans by July 1 was 720 million 108 thousand manats (+ 298.6 million to the beginning of the year).
In addition, the credit indebtedness of IBA to the Central Bank of AR (CBA) by the end of the reporting period stood at 600 million manats (+ 71.4% YTD).
IBA's operations started in 1992. Its main shareholder (51.07% of the securities) is the Government through the Ministry of Finance, and the remaining 48.93% of the share capital is owned by private shareholders. --17D-
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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