The share of lending to the Central Bank of Azerbaijan in the active operations of commercial banks in the five months of this year decreased by 4.2%.
According to the CBA, as of June 1, bank loans amounted to 68.38% of the active operations against 71.55% in 2014.
The total loan portfolio of banks during this period decreased by 21% and amounted as of June 1 19,877,600,000 manats against 25,182,500,000 manats in 2014.
CBA has not warned about the danger of a lack of resources at the commercial banks to provide the Central Bank loans in the market. However, experts note the dependence of banks on central bank loans increases, so the problem with the pledge will inevitably lead to problems with access to funds and increased the cost of money. -0-
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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