Non-bank credit organization (NBCO) Aqrarkredit JSC plans by the end of this year to raise its loan portfolio to 20 million manat.
According to a board member of the organization Suleiman Kalashov, this year's net profit is expected to reach 385 thousand manat. Of these funds, 180 thousand manat in dividends will be paid to the state budget, and the rest is aimed at the development, said Keles.
Today, the credit portfolio is 17 million manat, which is 1.5 mln more than the one recorded a year earlier.
The authorized capital of Aqrarkredit is 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. It also has the most risky portfolio (based on July 2012 - 17.11%) of the NBCO sector. - 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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