OJSC VTB Bank (Azerbaijan) has received a subordinated loan from the head of Vneshtorgbank (Russia). The amount of the investment is 300 million rubles (the equivalent of 6.2 million manats), the information from VTB Bank (Azerbaijan) says. The funds are provided for the period of 7 years for the growth of the total capital of the local financial agency.
"The funds raised are an indication that VTB Bank (Azerbaijan) can always get support from the parent company. The increase in total capital will maintain the pace of business development and expand opportunities for lending," the press release cites the Chairman of the Board of VTB Bank (Azerbaijan), Yuri Yakovlev.
The acquisition of 51% of the local AF Bank by Vneshtorgbank was approved by the Central Bank of Azerbaijan in November 2008. The remaining 48.99% is owned by Ata Holding, while 0.01% belongs to an individual. --17D-
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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