The rating agency Fitch Ratings raised the long-term default rating of Capital Bank from the level of 'B +' to 'BB-'. Rating stability of the bank increased from 'b' to 'b +', the report says the company.
In addition, Fitch confirmed the bank's long-term rating in foreign currency at 'BB-' with a "stable" outlook, short-term - 'B', and support rating - at '3'.
The report of the rating agency pointed out that the increase in the rating of Capital Bank was due to its support from the government as required.
Improving the bank’s rating indicator is also linked to its entry into the group of companies Pasha Holding: the bank holding group owns 14.1% of the total deposit portfolio and 8.8% of the loan portfolio in Azerbaijan. The capital adequacy ratio of Capital Bank reached 19.2% in H1 of 2015. --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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