The assets of the non-bank credit organization Finoko grew by 855,680 AZN in the first half of 2016 (+9.7%), reaching 9,595,400 AZN, of which 9,001,490 AZN was in foreign currency. The obligations rose by 6.5% during the reported period (460,500 AZN), reaching 7,533,060 AZN (7,483,010 AZN in foreign currency).
The capital for the first six months of 2016 rose to 2,062,340 AZN (+23.7% = 395,180 AZN).
The organization’s profit made up 395,180 AZN in the first six months of the current year. Overall, in 2015 the company's income was AZN 658,670. -71D-
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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