The CBA cancelled the license of the two oldest banks - JSC «United Credit Bank» and JSC «NBCBank». The Central Bank appointed temporary administrator of the bank. A press release from the Central Bank noted that "the decision was made due to the fact that banks did not fulfill the requirements for minimum aggregate capital, could not meet obligations to creditors, did not carry out activities in a safe and prudential manner."
Insured deposits will be reimbursed to depositors by the Azerbaijan Deposit Insurance Fund (ADIF.) During the last week have been canceled the licenses of the Bank of Azerbaijan and Ganja Bank.
The NBC Bank was established in December 1992, and was named "Ruza bank" until 2003. «United Credit Bank» was established in 1996.-0-
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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