The deposit portfolio of individuals at VTB Bank (Azerbaijan) in the national currency increased by 72% from December 31, 2015 to December 15, 2016, the bank said.
The most significant growth during this period was demonstrated by timed manat deposits of retail customers, which increased by 79.4%.
VTB (Azerbaijan) offers deposit products to the population at the highest rates, which, depending on the term and interest payment conditions, constitute 15-17% per annum.
OJSC VTB Bank (Azerbaijan) is a subsidiary of VTB Bank (PJSC). Shareholders of OJSC VTB Bank (Azerbaijan) are VTB Bank (PJSC) and OJSC Ata Holding. ----71D
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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