At the 18 March meeting of the Supervisory Board of the International Bank of Azerbaijan (IBA) Jahangir Hajiyev was granted a request to release him from his post as chairman of the Board of the institution for health reasons.
Temporarily the duties were entrusted to the first deputy chairman Emil Mustafayev.
Representing the Azerbaijan State in the bank, the Ministry of Finance assured that it would continue to give its full support to the development of the country's largest bank, said the IBA website.
54-year-old Hajiyev headed IBA since 2001.
IBA is the largest bank in the country and the only bank in which a majority stake is owned by the state. -06D--
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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