Rabita Bank completed the year 2016 with a loss of 12 million 873 thousand manat.
In 2016 compared to 2015, the bank's assets increased by 101 million 557 thousand manat or 22.5% to 552 million 288 thousand manat.
During the reporting period, the bank's liabilities increased by 30% or 116 million 998 thousand manat, reaching 506 million 677 thousand manat.
Timed deposits from customers over a specified time were 255 million 474 thousand manat (an increase of 31 million 736 thousand manat or 14.18%).
The bank's capital was reduced by 15 million 440 thousand manat or 25.28% to 45 million 612 thousand manat.
The bank's authorized capital is 48 million 500 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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