Azerbaijan Microfinance Association continues to expand its own ranks.
As reported by executive director Jale Hajiyeva, the association received an application from a newly created non-bank credit organization for membership in the structure. For reasons of commercial confidentiality the name of the organization has not been announced, and the issue of membership has been recommended by the Board for a vote of the general meeting AMFA, scheduled for next week, said Hajiyeva.
AMFA has acted since 2001 and is the coordinating body of microfinance in Azerbaijan. Its members are 30 financial institutions, including nine banks, 16 non-bank credit institutions, two leasing companies, two credit unions and one international consulting company. - 15B -
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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