The insurance company Buta Sigorta added to the list of insurance agents of the Azerbaijan Mortgage Fund (AMF). This is the 21st of the authorized organizations (of the market of 28 insurance companies).
Buta Sigorta (formerly called Thames Insurance Group) with a paid registered capital of 7.3 million manat has been operating in the insurance market since 1996.
The company provides services for the nominally 17 types of voluntary and three types of compulsory insurance.
From January to September this year, the premiums reached 1 million 504.26 thousand manats, and the payment - 129.61 thousand manats.
AMF was established in December 2005 and in March 2006 it began to issue mortgage loans. AMF agents are 27 local banks. Mortgage loans are provided to Azerbaijani citizens up to 50,000 manat for up to 25 years at a rate no higher than 8%. Concession loans are up to 35,000 manat for up to 30 years at a rate of up to 4% per annum.
In 2011, the volume of mortgage lending from the AMF was 95.54 million manat. - 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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