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Azerbaijani insurer ups authorized capital 70 percent

Business Materials 1 June 2009 18:05 (UTC +04:00)

Azerbaijan, Baku, June 1 / Trend , U. Ismayilova/

Azerbaijani Azergarant insurance company has increased authorized capital up to 1.7 million manat from the current one million manat, deputy chairman of the company Shukur Huseynov said.    

"The authorized capital has been increased via funds of shareholders," he said

He said another increase in the authorized capital is expected to come in the next year via profits.

Profits of banks, insurers and re-insurance companies directed on capitalization were exempted from taxes for three years on Jan. 2009.

Azergarant was launched in 1993. It offers 26 types of services with four of them being obligatory.

On June 1, the official exchange rate is 0. 8035 manat to $1.

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