The past year proved unprofitable for the Central Bank of Azerbaijan. According to the financial statements published on the website of CBA, the operating loss of CBA by January 1 of this year amounted to 245 million 307 thousand manat (in 2013 an operating income of 315 million 136 thousand manat was recorded).
Net loss for the CBA last year amounted to 308 million 734 thousand manat (2013 - net profit of 280 million 573 thousand manat). By January 1, the negative amount of capital was 57 million 743 thousand (against a positive value of 250 million 991 thousand manat a year earlier).
The total assets of the financial regulator grew (+ 2.6%) up to 15 billion 726 million 698 thousand manat. Of these, cash was 5 billion 144 million 849 thousand manat (minus 38.6%), investment securities - 3 billion 600 million 246 thousand manat (an increase of 3 times), and investments in trading securities - 2 billion 939 million 638 thousand manat (+ 52.3%). --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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