The active credit portfolio of non-bank credit organization Ltd. Finca Azerbaijan increased during the ten months of this year by $ 22.33 million or 19.1% to $ 139.54 million. The share of micro credits in the portfolio was 98.7%.
The assets of the company increased $ 31.06 million, or 25%, reaching by 1 November 2012 the level of $ 158.68 million. The total number of customers increased during the reported period by 10.3% to 132.190 persons.
The share of bad loans in the total loan portfolio, compared with the beginning of the year remained at 0.19%, and micro-credit decreased 0.03 percentage points to 0.16%.
For all the time, the company has granted loans totaling $ 221.3 million, including micro-credit - for $ 219.92 million
Finca Azerbaijan was established in 1998. It is part of an 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 $ 50,000. The interest rate on loans varies between 36 and 45.6%.
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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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