In the first six months of 2016 the number of Mugan Bank employees fell from 908 to 824.
The bank during the reporting period did not close any of its branches.
The bank's authorized capital amounts to AZN 65 million. In December, the general shareholders' meeting decided to increase the bank's authorized capital by 10 million manat. After completion of the issue the bank's authorized capital will amount to AZN 75 million.
The bank's shareholders are four individuals - Elmir Magbet Oglu Mehdiyev (63.5%), who is also the head of the bank's supervisory board, Magbet Rahim Oglu Mehdiyev (13.1%), Vefa Ahmed Gyzy Valiyeva (12.05%), and Farida Jahandar Gyzy Mehdiyeva (11.34%). 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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