Commercial Bank JSC Pasha Bank received a banking license to open a subsidiary in Georgia.
According to the National Bank of Georgia, the corresponding permit for the Azerbaijani bank was issued January 17, 2013.
In the banking sector of Georgia today there are 20 banks. The International Bank of Azerbaijan is represented here by a subsidiary bank and JSC Qafqaz Inkishaf Banki - by a branch.
JSC Pasha Bank was established in June 2007 and operates under license number 250 of the Central Bank of Azerbaijan Republic dated 28 November of 2007. The primary objective is to strengthen leadership in the corporate customer service, quality improvement of business on priorities, strategy, as well as the creation and continued development of long-term and trusting relationship. - 15D -
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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