Relying on the Ministry of Finance, the State Statistics Committee calculated that by April 1, the revenue part of Azerbaijan's state budget amounted to 3 billion 678.1 million manats and the expenditures were at the level of 2 billion 623.5 million manats (surplus was at the level of 1 billion 54.6 million manats or 8.4% of GDP).
The loan portfolio of the local banks and non-banking organizations by April 1 was equivalent to 20 billion 327.4 million manats (minus 1.8% to April 1 last year), of which 15 billion 565.9 million was long-term loans taken mainly for the purpose of business. The level of non-performing loans was 6.5% of the total portfolio.
Bank deposits reported by the SSC with reference to the Central Bank were at the level of 8 billion 77.3 million in the manat equivalent. --17D-
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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