Total assets of banks in Azerbaijan declined in June by 42.14 million manat or 0.3% to 14,778.79 million manat ($ 18.8 billion). From the beginning of 2012, banking assets grew by 5.9%, and for the year - by 1,638 million manat or 12.5%.
According to the Central Bank of Azerbaijan, on July 1, 2012 the amount of cash in banks amounted to 619.6 million manat, funds on correspondent accounts amounted to 1,062.4 million manat, crediting the financial sector - 647.2 million manat, crediting customers - 9,642.4 million AZN, investments - 1,294.6 million manat, and other assets - 1,512.6 million manat.
Liabilities of banks declined in the reported month at 78.2 million manat or 0.6% to 12,555.58 million manat. Of these, 6,823.1 million manat were secured deposits, 4,539.9 million manat - funds provided to the financial sector, and 1,192.5 million manat - other commitments.
The total capital of banks decreased over the year by 46 million manat or 2.1%, and in June it rose by 36 million manat, or 1.6 percent to 2,223.2 million manat ($ 2.83 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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