Assets of Bank of Azerbaijan" increased in 2012 by 41.4% to 263.35 million manat. The volume of issued and corporations loans grew by 52.9% and amounted to 202.48 million manat.
The total liabilities of the bank increased from 164.86 million to 228.76 million manat. Deposit portfolio increased by 41.8% to 145.82 million manat, including term client investments increased by 53.9% to 85.42 million manat.
Balance capital reached 34.59 million manat. Aggregate capital increased by 47.3% to 35.81 million manat, and paid charter capital - by 35.2% to 45.3 million manat.
The Bank's earnings were equal to 25.85 million manat and expenditures - AZN 25.75 million, an increase compared to 2011, respectively, 24% and 27.1%. Net profit after tax amounted to 100 thousand manats. - 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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