At the April 4 general meeting of shareholders of Capital Bank OJSC Farid Mammadov was elected a member of the bank’s Supervisory Board.
The OJSC Capital Bank Supervisory Board consists of five people. Mammadov replaced Javid Guliyev, who had resigned from the office. The Chairman of the Supervisory Board is Jalal Gasimov, First Deputy Director of Pasha Holding LLC.
Farid Mammadov is Deputy Director of Pasha Holding LLC and Director of the holding's business group.
At the general meeting, a new charter of the bank was adopted, in which the Supervisory Board is granted new powers for management. Also, changes have been made to the regulation of the OJSC Capital Bank Supervisory Board.
LLC Pasha Holding owns 99.87% of the shares of OJSC Capital Bank. -----08B
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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