The total authorized capital of local banks by January 1 of this year amounted to 2 billion 609.6 million (32.3% of the positions in the previous year).
According to the last year’s report on the activities of the Central Bank of the Republic of Azerbaijan, the size of the bank's equity to the top of the year amounted to 3 billion 426.5 million (+32.7%). In other words, the share of the authorized capital in the equity of banks at the beginning of the year was 76.1% (to 1 January 2013 it was 81.6%).
General reserves of banks on the basis of 2013 amounted to 234.3 million (22.7%). The banks’ ability to meet the demands of their depositors and other creditors in terms of having sufficient funds (capital adequacy ratio) was 18.1% at a rate of 12%.
In the reported period, 43 banks operated in Azerbaijan. - 17D-
Economics
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The first industrial explosives plant commissioned by “AzerGold” CJSC's subsidiary, “AzerBlast” LLC, has commenced full-scale operations in Ganja. The facility, established through a public-private partnership, aims to meet the increasing domestic demand for civilian explosives and reduce import dependence.
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After the price increase of Ai-92 gasoline and diesel fuel in Azerbaijan at the beginning of July this year, some drivers are complaining about increased fuel consumption. They claim that they used to cover longer distances with the same amount of fuel before.
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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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