The total assets of Azerbaijani banks increased in September 485.1 million or 3.1% to 15,513.85 million ($ 19.75 billion). Since the beginning of the banking assets grew by 15% and for the year by 2,431.3 million or 18%.
According to the Central Bank of Azerbaijan, on October 1, 2012 the amount of cash in banks totaled 655.7 million manat, funds in correspondent accounts amounted to 1069 million manat, lending financial sector - 769 million manat, credit customers - 10130.4 million AZN investments - 1256.7 million manats, other assets - up to 2118.1 million manat.
The banks increased in the reporting period to 469.1 million or 3.6% to 13,658.35 mln. Of these, 7058.3 million manat provided deposits 4755.8 million manat - with financial sector and 1844.2 million manat - other liabilities.
The total capital of banks decreased over the year by 4.4 million or 0.2%, and in September rose by AZN 16 million, or 0.7 percent to 2324.6 million ($ 2.98 billion). - 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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