The assets of the local Muganbank at the end of last year reached 424 million 526 thousand manat (+ 26.9%).
Its loan portfolio as of 1 January of this year amounted to 290 million 832 thousand manat (+ 32.2%) at a much slower accumulation of deposit accounts - 181 million 317 thousand manat (+ 19.3%).
In the reporting period, the bank's liabilities were at 372,270,000 manat (+ 29.1%) with a net profit of 4 million 697.67 thousand manat.
The equity capital as of 1 January of this year amounted to 52 million 252 thousand manat (+ 11.4%) and the authorized capital was 45 million 306 thousand manat (+ 9.7% per year).
JSC Muganbank was formed in November 1992. Elmir Hasanov is the Chairman of the Board. Shareholders of the bank are Elmir Mehdiyev (63.5%) and three other 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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