The Financial Markets Supervision Authority (FIMSA) has canceled licenses for several branches of VTB Bank (Azerbaijan) and Nikoil Bank, FIMSA said.
The licenses of the Azadlyg and Sumgait branches of VTB Bank (Azerbaijan) and the Masalli branch of Nikoil Bank have been revoked.
According to the message, the licenses were canceled based on the appeal of the banks themselves. The closure of branches is aimed at optimizing the costs of banks.
FIMSA also annulled two branches of Azerpocht LLC. On the basis of the request of the postal operator, licenses for the activities of branch No. 2 and branch No. 11 were revoked. ---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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