Russian financiers are going to actively develop the banking sector of Azerbaijan.
As said at today's press conference the Russian Trade Representative in Azerbaijan Yuri Shchedrin, the number of local banks due to the decision of the Central Bank of Azerbaijan to increase the share capital up to AZN 50 million will decrease to 12-15 after 1 January 2014. Their place in view of developing the local economy will be possibly taken by wealthy foreign financial institutions, including Russian ones.
Today Azerbaijani credit institution Agrocredit and the Russian bank Rosselkhozbank have come to an agreement on the mutual fund-raising and financial participation. In the recent past, Sberbank of Russia was actively interested in the local business environment, now these plans are again relevant.
Now Azerbaijan has two Russian banks - Bank Nikoil and VTB. - 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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