The Financial Markets Control House (FMCH) discovered a structural division of JSC Para Bank at the Sumgait branch, which, as it turns out, works without permission and provides banking services.
In this connection, the FMCH Board of Directors annulled the decision on granting permission for the activities of the Sumgait branch of OJSC Para Bank and dismissed the administrator of the branch. In addition, the bank will suspend opening new branches and offices throughout the country for one year.
JSC Para Bank has operated since 1991. The Guliyev family controls the bank. The bank has 16 branches and operates in Baku and eight regions of Azerbaijan.
Para Bank finished 2015 with a small loss. -----08D
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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