The Financial Markets Supervision House (FMSH) warned commercial banks in connection with the permissible margin when trading currency, told reporters the head of FMSH Rufat Aslanli.
FMSH warned the banks to comply with the law in such a sensitive moment.
"Against margin violators very serious measures will be taken," he said.
Aslanli also said that currently on the agenda FMSH there is no closure of a bank, while noting that the main task of FMSH is to ensure a sustainable financial sector.
Regarding the improvement of the International Bank of Azerbaijan, Aslanli said this process will be completed in 2017.
He stressed that regarding this issue FMSH is in close contact with the Government and the Ministry of Finance.
“The project of capital recovery in IBA through the sale of its toxic assets is progressing well. In preparation for its privatization its unbundling is carried out,” he said. ----71D
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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