The International Bank of Azerbaijan (IBA) joined TheCityUK, becoming the first member in the Caspian region. The announcement was made as part of the first Caspian Corridor Conference held in London on Monday. The conference is organized by the CityUK in cooperation with the IBA and the Asia House, IBA reported.
"We are grateful for the opportunity to expand corporate relationships between Azerbaijan and Great Britain. The high professionalism of TheCityUK contributes to the promotion of high standards of business conduct in tandem with the growth of a new market," said the IBA Chairman Jahangir Hajiyev.
In turn, General Director of TheCityUK Chris Cummings expressed his satisfaction that the International Bank of Azerbaijan agreed to join TheCityUK. According to him, the IBA is a bank that brings invaluable experience from the Caspian corridor to TheCityUK.
Cummings, also believes that there are several reasons that make the Caspian region attractive to investors, including "youth" of the nation, the rate of GDP growth and economic liberalization reforms undertaken by governments in the region. -15D -
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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