Individuals constitute the bulk of bank customers. According to the report of the Central Bank of Azerbaijan, as of June 1, the number was 5,242,157 (+ 3.8% YTD). Of these, 173,090 accounts were opened by those who are engaged in individual business activities (+ 2.5%). On account of legal entities there are 106,008 accounts.
Overall, the local banks from January to June increased the number of client accounts by 6.9% - to 14 948 439. The number of current customer accounts of banks is 11,393,849 (+ 9.1%), credit accounts - 3,129,415 (minus 0.2%), deposit accounts - 425 175 (+ 5.9%). --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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