JSC Rabitabank increased its authorized capital by AZN 5 million and started 2013 with a registered capital of 35 million manat and total capital of 39 million manat.
As reported in the bank, the decision to increase the share capital was adopted by the General Meeting of Shareholders in 2012 end. To this end, during the year have been consistently implemented an additional issue of shares, and all shares were successfully placed by open subscription on the BSE.
During 2013 Rabitabank intends to continue measures to increase bank capitalization, the report said.
Recall that Rabitabank operates on the market for 20 years. The Bank is currently represented in 14 regions of Azerbaijan's extensive branch network, which consists of 18 branches, 2 offices and 1 representative office.-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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