JSC NBC Bank has published online its financial statements for the previous year (http://www.nbcbank.az/userfiles/RSM%2012_compressed.pdf), confirmed by the audit. The main shareholder of the bank Nuru Aliyev "pressed" the proportion of his sisters Nushaba Safiyeva and Jamila Rustamova from 8.14% to 6.4%. The stake of Nushaba’s late husband Mushfig Safiyev (founder of the newspaper Express) reduced from 4.88 to 3.83%.
Also reduced participation of four other shareholders, including Caspian Insurance Co Ltd (from 4.32% to 3.4%), whereby the share of Nuru Aliyev rose from 45.88 to 57.51%.
Recall, the license of NBC Bank was granted in December 1992. Other than those mentioned, the shareholders include Surkhay Ahmedov (8.4%), Nurgun Group (7.51%), and Ogtay Rustamov (6.56%). --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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