The appointment of Elmar Mammadov to the post of chairman of the board of the International Bank of Azerbaijan (IBA) has caused changes in the composition of JSC Azer-Turk Bank.
The day before, according to the structure, Afig Khudayev has been appointed one of the Board members, Farhad Adigezalov became Acting Chairman of the Board and Rumiya Mammadova became his deputy.
JSC Azer-Turk Bank was founded and received a license of the Central Bank of AR on May 25, 1995. Its shareholders are the State Committee for Property Affairs (75% stake), Turkish TC Ziraat Bankasi (12.37%), the reinsurance company AzRe (6.55%), Qala Life (5%) and Ziraat Bank International AG (1.08 %). --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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