In 2016 the assets of the reinsurance company AzRe increased by 4,889,776 manat or 5% compared to 2016, amounting to 103,580,865 manat.
During the reporting period, the company's capital amounted to 75,448.392 manat (an increase of 5,937,185 manat or 8.5%).
The liabilities of the company for this period decreased by 1,047,409 manat or 3.6% and make 28,132,473 manat.
In 2016, the revenues of AzRe amounted to 67,421,412 manat, and the expenses were 47,235,835 manat. The net profit was 15,504,784 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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