Since the February devaluation of the manat there is a topical issue of expediency of introduction of innovative banking products that could lead to a number of problems, such as excessive lending, entailing an increase in the credit burden on the population.
The Chairman of the Association of Microfinance Organizations of Azerbaijan (AMFA) Suleiman Kaliashev said at the IV Fair of Investors' Road to Responsible Microfinance this type of lending is the basis for small businesses, contributing to its development and at the same time providing support to low-income groups. At the same time, representatives of the local financial sector are forced to take measures to discharge the credit burden of the population.
So, if in the first half of the year the loan portfolio of microfinance institutions was approximately 1 billion AZN, today it has narrowed to 620 million AZN.
The investors' fair has been organized by AMFA to discuss the results of market research, introduction of innovative products, overheating of the loan portfolio, etc. The event is attended by representatives of the government, microfinance institutions, donors, rating agencies, banks, insurance and leasing companies, as well as experts. --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review