The aggregate capital of four of the 43 banks in Azerbaijan on the basis of July 2012 did not meet the minimum requirement of 10 million manat.
According to the Central Bank of Azerbaijan (CBA), the capital of one bank is less than 3.5 million manat, one bank has it within 3.5-5 million manat, and two banks have from 5 to 10 million manat. The total share of the latter two groups of banks in total capitalization of the sector is 0.2% and 0.8%.
The number of banks with a total capital of over 10 million manat fell by 1 to 39 in July. Their share in the total capital was equal to 99%.
The minimum requirement for the size of the total capital of banks has been 10 million manat since July 2007. According to the recent decision of CBA, the figure will be 50 million manat from 1 January 2014. - 15B -
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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