On August 25 there will be an extraordinary general meeting of shareholders of JSC VTB Bank (Azerbaijan) - a subsidiary of Russian Vneshtorgbank with a controlling stake. The management report is not mentioned on the agenda. However, according to experts, there is an urgent financial situation.
JSC VTB Bank (Azerbaijan) was established in November 2008, based on AF Bank, since the Central Bank of Azerbaijan transferred 51% of it to the Russian Vneshtorgbank. Today, the bank's authorized capital is 50 million 815 thousand AZN. The main share (51%) is owned by Vneshtorgbank, 48.99% is owned by Ata Holding, and 0.01% - by an individual.
The bank provides services to corporate clients and small businesses, as well as private clients, and has 15 branches. --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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