An extraordinary general meeting of shareholders of OJSC International Bank of Azerbaijan (IBA) is scheduled for January 10. They will discuss the removal of Elmar Mammadov from the post of Chairman of the Board and the election of a new person to the position.
Elmar Mammadov was elected to the post in July 2015. On 9 December the first extraordinary meeting of the Supervisory Board dismissed him from the post of Chairman of the Board. The position of Acting Chairman of IBA was entrusted to Khalid Asadov.
In July 2015, the Government launched the IBA recovery with a view to its privatization. Toxic assets totaling AZN 5.6 billion were transferred to the management of the state-run JSC Non-bank Credit Organization Aqrarkredit. The bank received net cash in approximately the same amount from the state.
IBA has 1,774 shareholders, including 15 legal entities. The State represented by the Ministry of Finance owns 54.96% and CJSC Aqrarkredit owns 27.26% of its shares. ------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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