On April 1, the assets of Bank VTB (Azerbaijan) got closer to 367 million manat (+ 79% by the end of March last year).
According to the press release of the financial agency, the credit portfolio is 345 million manat (+ 77%), 45% of which, or 154 million manat is consumer loans (67 million on car loans and 67 million of cash money).
The share of the total portfolio of lending business loans is 55% or 190.5 million manat. Financing for small businesses is 119 million manat, and that for medium and large businesses is 72 million AZN.
The deposit portfolio of the joint financial agency by April 1 exceeded 22 million manat (+ 46%).
JSC Bank VTB (Azerbaijan) is a subsidiary of the Russian Open Society Bank VTB (former Vneshtorgbank). Its shareholders are JSC VTB Bank and JSC Ata Holding.
In November 2008, the Central Bank approved the acquisition of 51% stake in the former local AF Bank by VTB.
The bank's shareholders are OJSC Bank VTB (51%), Ata Holding (48.99%), and an individual (0.01%).
The bank has 12 branches and the client service management at the head office. -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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