LLC Yapi Kredi Invest announced termination of its activities today. Borrowers of this former brokerage company can pay their debts within two months.
Yapi Kredi Invest was founded in July 2007 and had a license for broker and dealer activities in the securities market. Since January 2016, in connection with the entry into force of the law of Azerbaijan Republic ‘On Securities Market’, only companies that have received an investment company’s license from the Financial Market Supervision House can operate in the market. There are six companies of the sort in Azerbaijan.
The founder of Yapi Kredi Invest is Yapi Kredi Bank Azerbaijan (100% subsidiary of the bank Yapi Kredi, Turkey). The authorized capital of the company amounts to 110 thousand manat. The company is a shareholder of Baku Stock Exchange: it owns 300 shares of the stock exchange in denomination of 200 manat each. ----08B
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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