The Central Bank of Azerbaijan (CBA) announced the revocation of licenses of two commercial banks - the OJSC Atrabank and the Caucasus Development Bank. A decision to revoke the license was taken due to the fact that the total capital of both banks did not meet the minimum requirements of the Central Bank (50 million manat), and they could not meet obligations to creditors, reads the information of the CBA. Today temporary administrators have been appointed to the banks. The Azerbaijan Deposit Insurance Fund will pay the banks’ customers a compensation for insured deposits. Over the last week the Central Bank revoked the license of four banks - Gandja Bank, Bank of Azerbaijan, United Credit Bank, and NBCBank. The number of banks licensed by CBA was reduced to 37. Demirbank and AGBank announced on the eve of the merger. -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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