The assets of Muganbank OJSC rose to 564.33 million manats (+ 32.9%) by the end of 2015.
Slightly more (+ 37.4%) have become its liabilities, 511 million 634 thousand manats, and the loan portfolio was 381,120,000 manats (+31%). Its deposit accounts accumulated 256 million 984 thousand manats (+ 41.7%).
Last year, the capital slightly increased to 52 million 696 thousand manats (+0.8%), and the authorized capital was 50 million manats (+10.4%). The bank had a net profit of 437.45 thousand manats.
Muganbank OJSC has been operating since November 1992. Its shareholders are four individuals. --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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