Assets of Bank Avrasiya decreased in 2012 by 13.8% to 60.42 million manat. The volume of loans decreased 39.5% to 39.18 million manat.
The total liabilities of the bank decreased from 48.58 million to 41.18 million manat. Deposit portfolio decreased by 23.7% to 30.64 million manat, with urgent client investments increased by 7.8% to 13.85 million manat.
Balance capital decreased to 19.24 million manat, and the total capital - up to 18.43 million manat. Paid authorized capital remained at the level of 20 mln.
Bank's earnings were equal to 6.98 million manat and expenditures - AZN 8.66 million, an increase compared with 2011, respectively 46.8% and 64.1%. Over the year, the bank received a loss of 1.68 million manat. A year earlier loss was at 514,000 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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