Total assets of local banks since the beginning of the year increased by 8.6%.
According to the report of the Central Bank of AR, June 1, they were at 22 140 million manat.
Most of them (15 273 million or 69% of total assets) is the loan portfolio (+7.7% YTD). Correspondent accounts of banks are 1 282.9 million (+8.7%), cash amounts to 832 million manat (+ 3%), and investments – to 1 941.4 million (+18.3%).
Loans and deposits given to the financial sector account for 1 026.4 million manat, and other assets are 1 784.3 million (+6.5%).
The liabilities of the banks comprise 18 468.1 million manat (8.6%). The obligations include deposits - 9 543.6 million (+7.5%), loans and deposits of the financial sector - 7 370.3 million (+8.2%) and other liabilities - 1 554 200 000 manat (+19%).
The share of bank capital in the liabilities is 16.59% (3 671.9 million manat, increasing 8.4% over 5 months).
Forty-four banks have licenses for financial activities in Azerbaijan. - 17D-
Economics
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After the price increase of Ai-92 gasoline and diesel fuel in Azerbaijan at the beginning of July this year, some drivers are complaining about increased fuel consumption. They claim that they used to cover longer distances with the same amount of fuel before.
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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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