Assets of Azerbaijani banks as of the beginning of March 2017 decreased by 1 billion 020.3 million manat or 3.2% compared to the beginning of the year, amounting to 30 billion 419.2 million manat.
The Financial Markets Supervisory Authority states that during the reporting period the liabilities of banks decreased by 6% and amounted to 27 billion 772.7 million manat.
The capital of banks grew by 38.7%, amounting to 2 billion 646.6 million manat.
The debts of commercial banks to the Central Bank are 865.5 million manat (decreased by 49%).
The net profit of banks at the beginning of March amounted to 50 million manat.
Bank deposits of the population make up 7 billion 084.3 million manat.
At the specified time, 32 banks function in Azerbaijan, which have 563 branches, 135 sub-branches and 2,462 ATMs.
16,662 people work in the banking sector. ----71D
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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