The Executive Committee to establish a private credit bureau at the next meeting is going to find the best supplier of the software.
According to the press release from DemirBank (executive committee member), a request for proposals will be sent to August this year, and formal proposals operators are expected in September.
The main criteria for the supplier are a special experience, the opportunity to invest in the development of credit bureaus and financial stability.
The Central Bank of Azerbaijan, in turn, is finalizing the draft law "On Credit Bureau", which would create a regulatory framework for the activities of relevant organizations.
Chairman of the Executive Committee is the Deputy Chairman of the Board DemirBank Rauf Akhundov. The Memorandum of Understanding on the establishment of Azerbaijan's first private credit bureau was signed by AGBank, Azerbaijan Industrial Bank (ASB), Bank Respublika, DemirBank, MuganBank, TuranBank, Pasha Bank and Yapi Kredi Bank Azerbaijan. All of them belong to the Board of the Executive Committee. - 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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