The deposit portfolio of Azer-Turk Banki decreased in 2012 by 18.7% to 25.73 million manat, including term client investments decreased by 30.1% to 14, 18 million manat.
The bank's assets in the same period rose to 85.26 million manat. Lending to individuals and businesses increased by 38% amounting to 54.81 million manat. It is noteworthy that the volume of bad loans increased compared to 2011 by 39%.
Balance capital reached 14.58 million manat. Aggregate capital increased by 6.2% to 13.72 million manat, and paid charter capital - by 5.2% to 12.24 million manat. - 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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