Mugan Bank concluded the year 2016 with a loss of AZN 14 million 5 thousand.
The bank's assets in 2016 compared to 2015 decreased by 93 million 506 thousand manat or 16.5% to 470 million 824 thousand manat.
The bank's liabilities during the reporting period decreased to 407 million 539 thousand manat (-104 million 95 thousand manat or -20.3%).
During the specified time Mugan Bank’s capital reached 63 million 285 thousand manat (an increase of 10 million 589 thousand manat or 20%).
During the year, the bank increased its authorized capital from AZN 55 million to AZN 75 million. -----71D
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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