In late July, a general meeting of shareholders of the joint Azerbaijani-Turkish JSC Azer-Turk Bank will be held.
According to the report of the financial structure, they will discuss issues related to the future activities of the bank. Discussions will be related to the increase in the state share in the authorized capital - so that from 1 January 2015 the share in the assets structure of the State Committee for Property Affairs will be not 75% as previously, but 87.37% - through the purchase of securities previously owned by the Turkish Ziraat Bank. The bank left the shareholders of Azer-Turk Bank, as it obtained a license of CBA to conduct independent financial activities.
JSC Azer-Turk Bank was created in May 1995. Its main shareholder is the State Committee for Property Affairs with 87.37%, the reinsurance company AzReTekrarsigorta has 6.55%, the local life insurance company Qala Hayat Sigorta has 5% and Ziraat Bank International has 1.08%. --17D-
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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