Assets of the Azerbaijan Mortgage Fund (AMF) at the end of 2011 amounted to 341.8 million manat, increasing by 42.1%.
According to the audit report KPMG Azerbaijan Limited in the past year, the loan portfolio grew by AMF 44.1%, reaching 278.1 million manat. The volume of deposits placed with banks increased by 41.4% to 32.1 million manat.
Total liabilities increased from 140.57 million manat to 218.04 million manat. The total amount of securities issued reached 210.06 million manat.
Interest income is equal to 11.71 million manat which increased by 46% compared to 2010. The income of the fund in 2011 amounted to 3.66 million manat, increasing by 48%. Retained earnings as of January 1 of this year reached 7.73 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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