The assets of Bank Nikoil for the third quarter decreased compared to the beginning of the year by 5.76% (32 million 836 thousand manat), amounting to 537 million 114 thousand manat.
At the same time the bank’s obligations decreased, in the reporting period amounting to 496 million 188 thousand manat (-9.5% or -52 million 354 thousand manat).
The bank's capital increased by 19 million 517 thousand manat (91%) amounting to 40 million 925 thousand manat.
In the third quarter the bank's loss amounted to 1 million 997 thousand manat, and for the first 9 months the profit was 3 million 637 thousand manat.
The debt of Bank Nikoil to the Central Bank of Azerbaijan is 48 million 500 thousand manat for the period. -----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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