Azerbaijani Kapital Banks Forecasts Fall in Euro’s Rate
Azerbaijan, Baku, 17 October/ Trend , corr N. Ismayilova/ The rate of euro will keep on falling, Rauf Rzayev, chairman of the Board of Directors of Azerbaijani Kapital Bank said.
"The bank will be committed to the short-term position towards the European currency and forecasts further fall in euro rate," Rzayev told press conference.
The Bank is going to lay a special emphasis on the American dollars and Azeri manats, he said and attributed it to the further appreciation of dollar.
On 16 October, the rate of euro fell to AZN 1.09, all time high in 2008. The average rate of euro made up AZN 1.245 in 2007.
The structure of Kapital stockholders is as follows: AtaHolding - 35%, Xalq Bank - 20%, Pasha Holding - 15%, Azersun Holding - 15% and Xalq Sigorta - 7.5%. The rest 5% and 2.5% of the stocks are held by physical persons and staff respectively.
As of 1 October 2008, the current balance of Kapital Bank made up AZN 78mln and assets - AZN 422mln. The income of the bank totaled to AZN 44mln over the last nine months of 2008.
The correspondent can be contacted at: [email protected]