The rating agency Moody's upgraded the long-term deposit rating of the bank IBA Moscow in national and foreign currency from B3 to B2.
On the basis of the adjusted baseline credit assessment long-term risk assessment (CR Assessment) changed from B2 to B1. The outlook on the long-term bank deposit ratings remains stable. It is reported by OJSC International Bank of Azerbaijan (owns 100% of shares of JSC IBA Moscow).
Current rating mainly reflects the position of Moody's to revise the assessment of the status of IBA-Moscow in connection with the implementation of support from the parent company IBA.
IBA and IBA Moscow for 2016 received financial support from the Government of Azerbaijan in the framework of the financial condition of credit institutions improvement.
Along with the repayment of bad assets in the second quarter of this year the authorized capital of IBA-Moscow increased to 2 billion rubles. This capital contribution was the largest in the last five years - the capital was increased by 70%.
Moody's expects that the additional capital injection by the parent bank of IBA will be held in the next 12-18 months. --08D
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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