The General Shareholders Meeting of the International Bank of Azerbaijan (main shareholder - the Ministry of Finance, Head of the Supervisory Board - Deputy Finance Minister Azer Bayramov) has decided to increase the authorized capital of the IBA.
According to the largest bank, strengthening will be more than three-quarters - 78% (up to 1 billion 141.3 million manat). This can be achieved at the expense of additional issue of shares for 500 million AZN.
The meeting also decided on changes in the number of procedures for commercial projects, as well as to strengthen the control, for which they made changes in the composition of the Audit Committee.
IBA has been working since 1992, and its authorized capital (641.3 million manats) includes the main share (51.07%) belonging to the government in the face of the Ministry of Finance, while the remaining shares belong to private owners of the securities. --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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