Last year local banks increased dramatically the amount of foreign currency investments in Azerbaijan's economy. The figure rose by 22.1% year over a year, amounting to nearly half (49.3%) of investments, reads the report of the CBA. In absolute terms the volume of foreign currency lending for the year increased by 2.13 times - up to 10 billion 705 million manat, the volume of bank loans in manat amounted for the year to 11 billion 13 million manats (minus 18.5%). According to the CBA, the total amount of problem loans to the beginning of the year was at the level of 1 billion 508.5 million manat or 6.9% of the total loan portfolio (+ 54.5% for the year due to the devaluation of the manat). --17D-
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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