In order to finance trade between the member countries of the Black Sea Economic Cooperation, December 5, 2011 The Black Sea Trade and Development Bank (BSTDB) and TuranBank signed a loan agreement worth $ 4 million.
Last year TuranBank successfully used the obligated amount for increasing trade customers with partners of member countries of Black Sea population.
With the increasing demand for trade finance operations, TuranBank reutilized the revolving fund in the amount of U.S. $ 1.6 million. In this direction, in May of 2013 the bank plans to further reutilize this line in the amount of U.S. $ 2.4 million. - 15D -
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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