Azerbaijan International Bank Board decided to suspend the sponsorship of the football club "Inter", the bank said. The bank explained reason for such a decision by the desire to optimize and restructure business of the IBA.
Chairman of the Board Khalid Ahadov in connection with the decision stated that the restriction of activities in the field of sport will enable the bank to save its costs and attract existing opportunities
to the core business - banking, and more effectively implement measures for the rehabilitation of the bank.
Legal and technical issues in relation to this will be solved gradually. On the basis of the appeal of the IBA the AFFA will provide the necessary assistance for the participation of the club "Inter" in the championship until the end of the current season.
Interbank will be the founder of the club and on the basis of a management agreement, the club will be passed to the professional team. The club has been announced open for sponsorship. Persons wishing to become a sponsor of the club "Inter" may refer in this regard to the AFFA.
In 2015 Interbank club spent 4.418.000 manats, and in 2014 to 7.600.000 manats. -71D-
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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