Obligations of the banking system for loans borrowed from the Central Bank of Azerbaijan (CBA), expanded in July of this year by 7 million or 0.3 percent to 2280 million manat. For the one-year period, it increased by 293.3 million or 15%, since the beginning of the year - by 247.4 million or 12.2%.
According to the CBA, since last June centralized credits were issued at the rate of 5.25% per annum.
At the end of July, the centralized resources of the Central Bank were 50.4% of all funds raised by banks from the financial sector, and 17.9% of total liabilities of the banking system.
It is noteworthy that on August 1, 2008, when the global financial crisis had only just begun to be felt in the country's banking system, the share of loans to the CBA came to only 114.6 million or 1.5% of total liabilities of the banks. - 15V -
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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