The Supervisory Board of JSC Turanbank at the special meeting on August 28 decided to increase the total capital to the level of new regulations of the Central Bank of Azerbaijan.
As reported in the bank, the bank's shareholders approved the plan of gradual increase in the total capital of the bank. Since the end of October this year, the bank's capital will be increased to AZN 30 million, by the end of March next year - up to AZN 40 million and finally to the end of 2013 the total capital is expected to reach 50 million manat. As of August 1, 2012 the total capital of the bank amounted to 27 million manat.
According to the decision of the Central Bank of Azerbaijan on July 25 this year, the minimum requirements for total capital of existing banks, and registered capital of newly established banks increased to 50 million manat. The new standards will be effective from January 1, 2014.
The minimum requirement for the size of the total capital of banks has been 10 million manat since July 2007.
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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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