The only regional bank Ganjabank has continued offering of shares in the next issue.
According to the Baku Stock Exchange (BSE), on the site where trades are conducted, from May 31 through June 6, only three customer transactions (400, 200, and 500 thousand manat) repaid the sum of 1.1 million manat. After a series of placements authorized capital of the financial institution increased to 16.1 million.
Recall, as of January 1, the total capital was at 14.17 million manat and the paid charter capital was 15 million manat.
According to the request of the CBA, before 1 January 2014 the existing banks (43) and the newly formed similar structures should bring the total size of share capital to 50 million manat, otherwise the license will be revoked.
The bank was founded Feb. 28, 1994. It has 4 branches - in Baku, Ganja, Shamkir and Barda. It operates under license № 02-10/59 dated February 01 of 2001. Chairman of the Board is Fuad Musayev.
The last year the bank completed with a loss of 872 thousand manats. - 17B -
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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