NBC Bank has increased its assets in the third quarter of 2016 compared to the beginning of the year by 40.6% (AZN 271 million), which made up 938 million manat.
During this period the bank's liabilities decreased by 35 million 656 thousand manat (27.4%) and accounted for 94 million 237 thousand manat.
The deposits decreased by 32 million 912 thousand manat (32.6%), amounting to 67 million 835 thousand manat.
The bank's capital rose to 53 million 203 thousand manat (growth - 42.3% or 15 million 834 thousand manat).
The bank’s loss during the reporting period amounted to 1 million 415 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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