JSC International Bank of Azerbaijan (IBA) has stepped reshuffle. Togrul Safarov was appointed Head of the Surakhani branch instead of Elton Hidayatov, which is the 13th appointment in a row.
After Elmar Mammadov was elected IBA Chairman last July, following the July 15 decree of the President of Azerbaijan on recuperation of IBA assets and preparation for the privatization of the state share in it, the heads of 5 capital and 6 regional offices were changed, as well as the heads of the overseas entities IBA-Moscow and IBA-Georgia.
Recall from the end of 2014, Elmar Mammadov held the position of Chairman of the Board of Azer-Turk Bank, from where he joined the IBA.
OJSC International Bank of Azerbaijan has been valid from 10 January 1992 on the basis of the license from the Central Bank of Azerbaijan. The main share (51.07%) belongs to the Ministry of Finance of Azerbaijan, while other securities are distributed among other physical and legal entities. --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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