Assets of Bank Avrasiya fell in January-September 2012, by 10%, to 63.09 million manat. The volume of issued and corporations loans grew by 30.2% and amounted to 36.65 million manat.
The total liabilities of the bank decreased from 48.58 million to 41.35 million manat. Deposit portfolio decreased by 20% to 32.16 million AZN, while time deposits increased by 10.1% to 14.17 million manat.
Balance capital grew by 1.1% to 21.75 million and total capital - 5.2% to 20.96 million manat. Paid charter capital remained at the level of 20 mln.
The bank's earnings were equal to 5.16 million manat and expenditures - AZN 4.34 million, an increase compared to the same period in 2011, respectively 53% and 16.2%. Net income before taxes was 822 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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