The obligations of the state-run shareholder credit institution Agrarkredit over the past year increased almost 192 times and to the end of the reporting period were 3 billion 172 million 463.6 thousand manats. Moreover, a fifth (662 million 529.9 thousand) accounted for obligations under the IBA assets.
As stated in the report, it also influenced the growth in the total assets constituting 3 billion 185 million 869.8 thousand manats and raised in accordance with the decree of the President on the acquisition of impaired assets by the organization from the International Bank of Azerbaijan (IBA) - 3 billion 133 million 407.8 thousand manats.
Moreover, its loan portfolio by 1 January was at 23 million 373.3 thousand manats (minus 4.8%) with the equity at 13 million 406.2 thousand manats (minus 1%).
The body worked the cycle with a net profit of 288.6 thousand manats.
Today Agrarkredit due to acquired assets is the largest non-banking credit agency in Azerbaijan. It has operated under the Ministry of Finance of Azerbaijan since 2004. --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review