Total assets of Azerbaijani banks increased in August this year by 225.4 million or 1.2% to 18,918.9 million manat. From the beginning, bank assets grew by 14.4 %, while for the year 3907 on the million or 26%.
According to the Central Bank of Azerbaijan, credit investments on September 1 totaled AZN 14,062.7 million, an increase in the reported month by 1.9 %. Over the past year, lending to the economy grew by 30.9 %.
Deposits in banks in August increased 71.1 million or 1.2 % to 6090.4 million manat. This figure since the beginning of the year grew by 19.1 %, and for 12 months - 36.5 %.
The total capital of the banking sector has increased in the reporting month by 67.2 million or 2.2% amounting to 3076.6 million manat. During the year the figure rose to 839.1 million or 37.5%. - 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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