Assets of Gunay Bank in the second quarter of 2016 compared to the beginning of the year decreased by 1 million 725 thousand manat (1.8%), amounting to 92 million 560 thousand manat.
During the reporting period, the bank's liabilities grew by 33.7% (11 million 725 thousand manat), reaching 46 million 436 thousand manat.
The volume of deposits in the bank is 22 million 25 thousand manat. The deposits include AZN 522 thousand of demand deposits of legal entities, 2 million 48 thousand manat of demand deposits of individuals, and 19 million 454 thousand manat of term deposits of individuals.
In the second quarter Gunay Bank had AZN 19 million 100 thousand of debt to the Central Bank of Azerbaijan.
In the first half of the year the bank's loss amounted to 13 million 570 thousand manat.
Gunay Bank issued loans in the amount of 5 million 64 thousand manat in the reported period.
The bank's capital during this period decreased by 13 million 450 thousand manat (22.5%), amounting to 46 million 124 thousand manat.
The bank was established in November 1992. The bank's authorized capital is 64 million 910 thousand manat. The bank's shares belong to nine individuals. The largest share belongs to Mahmud Mammadov (50.8%), who is the head of the bank's Supervisory Board. ---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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