As expected, the long-term deposit rating of Capital Bank has been confirmed at Ba3, the forecast changed for downward - from "stable" to "negative."
This became known after the international rating agency Moody`s Investors Service has published its rating actions. In addition to this bank, the ratings of six banks of Azerbaijan, namely, Khalg Bank, Bank Respublika, VTB (Azerbaijan), Bank of Baku and Unibank were published. All these have a negative outlook.
This assessment is based on the negative impact of the devaluation of the national currency on the banks' asset quality, profitability and funding after the transition to a floating AZN rate on December 21 last year. A role was also played by bringing manat deposits to the plane of foreign currency, mainly the US dollar. --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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