Assets of the International Bank of Azerbaijan fell in January this year at 77.74 million or 1.3%, to 5813.622 million. The volume of issued and corporations loans increased by 68.76 million or 1.8% reaching 3925 million manat.
The total liabilities of the bank declined to 5345.44 million and 5262.17 million manat. The deposit portfolio increased slightly to 2406.461 million manat, while the term client investment decreased by 0.5% to 1501.69 million manat.
Balance capital reached 551.46 million manat, and paid charter capital increased to 330.842 million manat.
Income and expenses of the bank were respectively 38.86 million manat and 33.25 million manat. Net income amounted to 8.5 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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