As of May 1, the total assets of the local banks were at the level of 29 billion 238.4 million manats (+ 16.1% to 1 January).
According to the report of the Central Bank of AR (CBA), in their structure, the largest share belongs to the credit portfolio - 18 billion 994.9 million manats (+ 10.6%), or 65% of total assets. On correspondent accounts there is 2 billion 725.4 million manats (+ 49%), or 9.3% of the total assets, cash amounts to 1 billion 206.8 million manats (+ 14.6%), or 4.1%, and investments are 2 billion 634.3 million manats (+ 20.5%), or 9%.
There are also other items - loans and deposits to the financial sector (1 billion 308.1 million manats (+ 28.5%), or 4.5% of total assets), and other assets - 2 billion 368.9 million manats (+ 23.2%) or 8.1%.
In the structure of liabilities by May 1 there are obligations of banks amounting to 24 billion 971 million manats (growth by 18.8%), or 85.4% of the liabilities. --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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