BAKU/25.10.13/TURAN : Assets of JSC Bank Silk Way grew in January-September 2013, up 14.2 %, reaching 214.94 million manat. The volume of issued and corporations loans increased by 3.4 times and amounted to 155.05 million manat.
The total liabilities of the bank declined from 112.1 million to 110.5 million manat. Deposit portfolio decreased by 43.2 % amounting to 56.73 million manat, including term client investments increased by 4.8 % to 20.11 million manat.
Balance sheet assets reached 104.41 million manat. The total capital grew by 36.3 % higher than the 103.21 million manat, and paid charter capital - by 33.5 % to 93.73 million manat.
The bank's earnings were equal to 13.11 million manat and expenditures - AZN 8.24 million , an increase compared to the same period in 2012 , respectively, 22.4% and 43.9 %. Net profit after tax decreased by 1.9 % to 3.12 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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