Central Bank of Republic of Azerbaijan has published the report for January-September. According to the central controller, the total loan portfolio of the financiers of 1 October was 19 billion 113.5 million manats, of which 1 billion 353.8 million manats or 7.06% were problem (overdue and "hanging") loans.
In comparison with indicators of October 1 last year, the volume of troubled loans grew by 380.6 million manats, or 39.11%. If the result can be partially attributed to the devaluation of the February (minus 34.5% to the US dollar), the rest of the unreturned loans were motivated by reduction of capabilities of entrepreneurs and users of consumer loans. Thus, the volume of bad loans only for a month, September 1, increased by 20.2 million AZN (1.51%), which is the devaluation of indirect relevance.
According to the CBA, during the month investment in the economy in the form of loans decreased by 982.3 million manats or 4.89%. Central Bank justifies this by restructuring measures in the International Bank of Azerbaijan (IBA). --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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