According to the decision of the general shareholders' meeting of the International Bank of Azerbaijan AZN 13,694,766 of retained earnings at the end of 2011 8,694,766 manats will be allocated to the payment of dividends in the last year, the rest will remain as retained earnings and after conclusion of the current issue will be directed to increase the authorized capital.
As reported in the bank, the shareholders also approved the action recommended by the Audit Committee and approved by Deloitte & Touche Financial statements for the year 2011.
Recall that, in the past three years (2009, 2010, 2011), the total amount of income of the bank amounted to 1.2 bn, net profit - 200.958 mln. - 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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