Most of the finance raised by Azerbaijani banks in Russia, accounts for Russian banks in Baku.
According to the CEO of the CBA Rashad Orujov in Gabala at the round table "Development of cooperation between Azerbaijan and Russia in the field of banking," $300 million from $ 550 million was raised by Vneshtorgbank and Bank Nikoil. In Azerbaijan since 2010, a representative of Rosselkhozbank has been acting, but it has not yet attracted funds.
Correspondent relations with Russian banks have been established by 35 of the 43 banks operating in Azerbaijan, Orujov said at an event within the V Azerbaijan-Russian interregional forum. According to him, much more Azerbaijani finance has been invested in the Russian banks – the funding at IBA-Moscow (a subsidiary of International Bank of Azerbaijan) alone is $ 1.5 billion.
CBA CEO reported that in 2013 remittances from Azerbaijan to Russia totaled $ 300 million, and from Russia to Azerbaijan - $ 1 billion.
In Russia, there are two Azerbaijani banks - IBA-Moscow and the representation of Muganbank.
Foreign capital is present in 22 domestic banks, whose share is 67%. In 14 banks the share of foreign capital exceeds 50%. - 17D-
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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