Total assets of Azerbaijani banks increased in November by AZN 511.29 million or 3.1% to AZN 16,821.2 million ($ 21.4 billion). Since the beginning of the year banking assets grew by 20.6% and for the year they grew by 3,156.5 million or 23.1%.
According to the Central Bank of Azerbaijan, on December 1, 2012 the amount of cash in banks totaled 624.2 million manat, funds in correspondent accounts amounted to 1,080.5 million manat, lending financial sector - 736.4 million manat, crediting customers - 10,493.3 mln AZN, investments - 1,436.4 million manats, and other assets - up to 2,450.3 million manat.
The banks' liabilities increased in the reported period by 446.32 million or 3.2% to 14,352.87 mln. Of these, 7,428.8 million manat was provided by deposits, 4,883.3 million manat - by the financial sector and 2,040.8 million manat - by other liabilities.
The total capital of banks increased over the year by 116.1 million or 5%, and in November - by AZN 65 million, or 2.7 percent to 2,468.3 million ($ 3.1 billion). - 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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