Bank Nikoil concluded the year 2016 with a loss of 148 million 538 thousand manat. The bank’s debt to the Central Bank is 40 million 500 thousand manat.
The bank’s assets in 2016 were reduced by 130 million 224 thousand manat or 22.8% compared to 2015, reaching 439 million 726 thousand manat.
The bank's liabilities for the reported period fell to 399 million 165 thousand manat (-149 million 377 thousand manat or 27.2%).
The volume of bank deposits is 263 million 307 thousand manat.
The bank's capital for the specified time increased by 89.18%, or 19 million 92 thousand manat, amounting to 40 million 561 thousand manat. ----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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