A protocol of intent to merge three commercial banks has been signed. This regards NBC Bank, Para Bank and Credo Bank.
According to the CBA, taking into account the intentions of NBC Bank and the investment of additional funds in the bank to increase its capital, the Central Bank reversed its decision of 25 January to revoke the license of NBC Bank.
Due to new investments, NBC Bank has started execution of its overdue obligations to the public and creditors. Prior to the completion of the consolidation of the three banks, NBC Bank will act within the strict control of the CBA.
Previously announced was the merger of Demir Bank and AG Bank. -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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