Total assets of banks in Azerbaijan since the beginning of the year increased by 1 billion 346 million manats (+7.6% at 4 months).
As of May 1, the figure rose to 17 billion 643.4 million to 18 billion 979.8 million manat, the website of the Central Bank (CB).
The Bank reports that the credit portfolio of the banking sector at the beginning of May, up 13 billion 168.4 million manat (minus 6.2% from the beginning of the year), but the net worth rose 5.9% to 2 billion 724.1 million manats.
Public confidence in banks grew up. As of May 1, local banks raised 5 billion 768.3 million manat (+12.8% YTD). - 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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