Baku Administrative Economic Court №1 officially recognized the bankruptcy of «Evrobank», announcing the beginning of the procedure , and appointed a liquidator - OOO «Azerbaijan International Consulting Company».
The report of this authorized structure reads that the , Evrobank did not fulfill the requirements of the Central Bank imposed a minimum level of total capital of $50 million manat. Last May, the leadership of the now ex-credit organizations was given instruction on the market capitalization, and gave a time to address the shortcomings in the work, but the Evrobank failed to fulfill them. That is why the Central Bank finally decided to cancel the license of the bank.
The JSC «Evrobank» (reorganized Azinvestbank), operated from December 1992, had one branch, 11 million manat authorized capital and 40 million manat of loan portfolio; it worked primarily with corporate clients. --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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