Total assets of banks in Azerbaijan on May 1, 2014 amounted to 22,009,500,000 manats.
According to the information on the official website of the Central Bank (CBA), this is 8 % more than in January this year - 20,385,100,000 manats.
Credit investments of banks in the reporting period amounted to 15.7756 billion manat (+5.2 % YTD), and equity capital was 3,605,400,000 manats (+5.2 %).
As of early May 2014, banks in Azerbaijan attracted population deposits amounting to 6,569,900,000 manats (+2.7 % YTD). Nevertheless, mass withdrawals from the accounts were recorded - minus 1.3 % as of 1 April, when the accounts of private investors were 6,656,300,000 manats. -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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