By the end of last year Rabitabank had 20 million 61 thousand AZN in cash. As stated in the annual report
(http://www.rabitabank.com/az/Investor_contacts/useruploads/files/Rabitabank%20IFRS%20Audit%20Report%20and%20Financial%20statements%20as%20of%2031122014.pdf), the local financial structure’s loan portfolio to the beginning of this year amounted to 218.03 million manats, of which 110 million was invested in real estate. Thus on loans to individuals, including businessmen, it had 187.52 million manats (49 million per year). In trade there was invested 30,190,000, in transport and communications - 17,020,000, in agriculture - 6.7 million, in production - 6.67 million manats.
JSC Rabitabank was founded in 1993. Service network of the bank consists of 22 branches and 2 offices covering Baku and 16 regions of the country. Its shareholders are 19 legal entities and 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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