The Financial Market Control House (FMCH) of Azerbaijan has become the Transitional Administrator in JSC Bank Standard. According to today's press conference of the FMCH head Rufat Aslanli, the decision was made by the Board of Directors due to the deterioration of the assets and the bank's liquidity and the fact that the bank’s shareholders do not have the resources and leverage to exit from the situation.
According to Aslanli, the interim measures are introduced for a period of 3 months - for the period of the program on financial rehabilitation of the bank. For this purpose the Central Bank of Azerbaijan has allocated a loan in the amount of 15 million manat for six months. The amount of government support for the bank will be determined in a month.
The head of FMCH informed about another measure – by the decision of the court, payments on deposits will not be made until June 3.
In addition to the mentioned bank, there are no "candidates" for interim administration, as Aslanli reassured the public and other banks. He said FMCH controls the situation and conducts stress tests in all financial and credit institutions. --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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