The active loan portfolio of non-bank credit organization, LLC Finca Azerbaijan increased during the first 9 months of this year by $ 37.92 million or 25 % to $ 190.49 million. In the portfolio the share of microcredits was 99.3%.
Assets of the company increased by $ 46.2 million, or 27.7 %, reaching on October 1, 2013 level of $ 213.06 million. Total number of customers increased during the reporting period by 7.7 % to 147.53 thousand persons.
The share of problem loans in the total loan portfolio compared with the beginning of the year increased by 0.01 percentage points to 0.20 %, and the share of these loans in the micro-credits - by 0.05 percentage points up to 0.20 %.
Totally the company has issued loans totaling $ 818.94 mln, including micro-credits totaling $ 787.99 mln.
Finca Azerbaijan was established in 1998. It is part of the international network of microfinance Finca International. The company provides loans for a period of 4 to 24 months. The loan amount varies from $ 50 to $ 100 000. The interest rate on the loans varies in the range of 21-36 %. -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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