Closed Para Bank will be transformed into a non-bank credit organization, said the Financial Markets Supervision House (FMSH).
The report noted FMSH so agreed and the Board of Directors discussed the action plan.
The bank's license was canceled by the decision of the FMSH Board of Directors of 21 July 2016 based on the FMSH appeal to Baku Administrative Economic Court to force the closure of the bank.
Wafa Habibzadeh being the owner of the bank asked the appeals court to cancel the decision of the administrative-economic court. On October 25 the Baku Court of Appeal dismissed the appeal from Para Bank’s owner.
As of October 25, the Deposit Insurance Fund compensated the depositors of the bank 32 million 936 thousand manat. ----71D
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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