Assets of Capital Bank in January-March 2013 decreased by 467.3 million or 14.4% to 2,772.7 million manat. The loan portfolio decreased by 475.9 million or 27.5% to 1253.7 million manat.
According to the bank, the deposit portfolio for the period decreased by 16.7% to 447.5 million manats, including retail deposits decreased by 211.4 million or 2.3 times to 166.3 million manats.
The total capital increased to 118.8 million manat, and the paid charter capital remained at the level of AZN 50 million.
The revenues and expenses of the bank equaled 31.8 million, respectively, and 26.9 million manat. The balance sheet profit for the first quarter amounted to 4.9 million manat. - 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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