BAKU/24.12.13/TURAN : Assets of Azerbaycan Kredit Banki declined for three quarters of this year by 6% to 20.62 million manat. The loan portfolio as of October 1, amounted to 26.36 million manat, of which 17.26 million or 64.4 % accounted for overdue loans.
The total liabilities of the bank during the reporting period decreased from 18.27 million to 16.11 million manat. The deposit portfolio decreased by 3.3% to 8.85 million manat. Of these, 7.28 million manats were timed deposits.
The equity capital increased to 4.51 million manat. The aggregate capital decreased during the year by 32% to 4.36 million manat and the paid charter capital remained at 11.43 million manat.
Income and expenses of the bank equaled 1.02 million manat and 3.32 million manat, respectively. Following activities for January-September, the bank posted a loss of 2.3 million manat. - 15D -
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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