Assets of DemirBank on February 1, 2013 amounted to 367.7 million manat, which exceeds the corresponding date last year by 1.9 million manat. The loan portfolio of the Bank amounted to 277.6 million manat, an increase over the period by 12 million manat or 4.5%.
Total value of customer deposits in DemirBank on February 1, 2013 amounted to 158.6 million manat. Population's deposits amounted to 134.3 million manat, so growth in this indicator over the period under review amounted to 27.3%, or 28.8 million manat.
On February 1, 2013 DemirBank's authorized capital reached 21 million manat, while the total capital reached AZN 56 million.
One of the first and leading banks DemirBank began operating in 1989. Among its shareholders are major international financial institutions, such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company (FMO). DemirBank has ratings from Fitch Ratings and Planet Rating at 'B' with a "stable" forecast. These ratings are among the highest in the banking sector of Azerbaijan.-15D--
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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