DemirBank according to the rating of the Azerbaijan Mortgage Fund (AMF) ranked first among the country's banks to issue mortgages.
Figures for 2013 were posted on the AMF. According to statistics, 976 mortgage loans to DemirBank, were refinanced by the AMF. It is the highest index among authorized credit institutions.
It should be noted that, in addition to cooperation with the Azerbaijan Mortgage Fund, DemirBank also provides mortgage lending at its own expense. Mortgage loans from the funds of the Bank shall be issued for the purchase or construction of housing.
DemirBank, is the first commercial bank in the country, which began operations in 1989. Among its shareholders are major international financial institutions such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company (FMO). DemirBank ranks from Fitch Ratings at "B" with "stable" forecast and Planet Rating at "B" with "positive" forecast . These ratings are among the highest in the banking sector of Azerbaijan. -15D -
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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