News Digest

Austrian culture days due

Days of Austrian culture are due in Baku on 4-8 September, as cultural and arts figures, actors, artists, film reviewers, and cooks from Austria are expected to take part.

Azeri cultural days were held in April in Austria with an Azeri delegation led by Minister for Culture Polad Bulbuloglu partaking.

Cool weather in stock

Few showers are expected in mountainous regions of the country Wednesday, with no rain Thursday, according to the Hydrometeorology Department of the Ministry of Ecology and Natural Resources.

Weather will be changing in Baku and on Abseron Peninsular Friday and Saturday, with no showers. A north wind is expected to intensify late Friday. The temperature will be 25-30 degrees in the daytime and 20-24 at night. The relative moisture will be 60 degrees, which is 10-20 degrees over the norm.

Swap operations on currency market

The National Bank of Azerbaijan has embarked upon developing a legal frame for introduction of a new service, swap operations. The creation of the logistical and legal base is to complete before October this year.

The NBA is currently studying the Swiss experience in swap operations, which will better regulation of monetary and credit policy.

The introduction of the new service is part of the action plan for the development of the nation’s financial market jointly drafted with the Swiss National Bank.

Italian cuisine for Bakuvians

The Italian embassy in Baku is planning to hold days of Italian cuisine in Baku in September. The event will coincide with the arrival of the Italian football team in Baku for the 2004 European qualifier with Azerbaijan on 7 September.

First Islamic bank in Azerbaijan

A new bank Kovsar that will function under the rules of Islam has been established as part of the Universal Bank, chairman of the UB Management Board Heydar Ibrahimov said. The new bank's charter capital is 3mln US dollars, as its shareholders will be Azeri nationals and citizens of Canada, Saudi Arabia and Japan.

The Kovsar bank won't take interests on its loans, acquiring incomes from owning some of the shares in borrowing legal entities.

"Though the bank has undergone state registration, the National Bank of Azerbaijan is delaying a license. With all the rumors around it, such banks do exist in America, Europe and Russia", Mr. Ibrahimov says.

Russia tests plane in Armenia

Russia tested its Be-200 amphibian aircraft with sorties over Lake Goyca (Sevan) in Armenia Sunday to check take-off and landing capacities in mountainous regions, RIA Novosti quoted Deputy Chief of the Russian Test Flight Department Dmitriy Shkonde as saying.

The test, held for the first time in the world, reportedly came a success, as the aircraft landed on the lake with a single engine.