The loan portfolio of the non-bank credit organization (NBCO) CJSC Aqrarkredit fell in January to August of this year at $ 377,000 or 1.8% to $ 20.77 million. During the reported period the micro crediting increased by $ 1.35 million or 8.4% to $ 17.37 million.
The assets of the company increased by $ 924 thousand, or 3%, to $ 33.86 million by September 1. The company's customer base grew by 9.3% to 3.65 thousand people.
For all the time the organization has issued loans worth 87.47 million manat, including 66.33 million manat of micro credits.
The share of problem loans in the total loan portfolio increased 1.31 percentage points to 17.11%, and the share of problem loans in the micro crediting increased by 1.22 percentage points to 11.90%. Aqrarkredit has the most risky portfolio of the NBCO sector.
The authorized capital amounts to 18,535,424 manat. The sole shareholder is the State Property Committee. The organization provides individual, group and business loans ranging from 3 to 7 years. The amount of credits varies between $ 100 and $ 100,000. - 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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