The active credit portfolio of non-bank credit organization Ltd. "Finca Azerbaijan" increased in the 12 months of last year by $ 35.36 million or 30.2% to $ 152.57 million. In the portfolio the share of micro-credit was 99.4%.
Assets of the company increased by $ 39.25 million, or 30.8%, reaching at January 1, 2013 level of $ 166.87 million Total number of customers increased during the reporting period by 14.2% to 136,960 persons.
The share of bad loans in the total loan portfolio as compared to the end of 2011 remained at 0.19%, and this share in the micro-credit decreased by 0.04 percentage points to 0.15%.
For all the time, the company has granted loans totaling $ 231.85 million, including micro-credit - for $ 230.5 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 - $ 50 000. Interest rate on loans varies between 36-45.6%. - 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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