In the first half of 2016 the assets of the non-bank credit organization FINCA in comparison with the beginning of the year decreased by 25 million 33 thousand manat, or 10.8%, amounting to 205 million 576 thousand manat.
Obligations of the organization were reduced by 0.95% for the reporting period (1 million 957 thousand manat) to 202 million 176 thousand manat.
During this period, the capital of the lending agency amounted to 3 million 401 thousand manat (decrease of 87.1% or 23 million 75 thousand manat).
In the first half of 2016 losses of FINCA amounted to 23 million 75 thousand manat. -----71D
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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