The authorized capital of the International Bank of Azerbaijan (IBA) will be increased to one billion. 141.3 million manats by issuing new stocks amounting 500 million manat. This decision has been taken today at a meeting of shareholders.
The IBA is the largest bank of Azerbaijan, and majority of stocks belongs to the state.
Last year, serious violations in the form of theft and embezzlement were identified in the IBA. A number of senior bank officials were arrested, including a former chairman of the board Jahangir Hajiyev. The damage and the amount of bad loans in the bank is estimated from six to eight billion manats.
After identifying these violations the state has undertaken the bank rehabilitation process, by removing from its balance problem loans.—06D--
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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