The loan portfolio of the non-bank credit organization TBC Credit increased in January-June 2012 by $ 12.38 million, or 64.2%, to $ 31.67 million. During the period, the company increased its micro crediting by $ 3 76 million or 2.7 times to $ 6.02 million.
The assets of the company increased by $ 10.94 million, or 50.7%, to $ 32.68 million and the customer base expanded by 70.8% to 3.11 thousand people.
The share of bad loans in the total loan portfolio decreased 2.44 percentage points to 3.15%, and this share in the micro crediting decreased 1.12 percentage points to 0.60%.
For all the time, the company has credited a total of $ 106.47 million, of which $ 20.31 was micro credit.
TBC Credit provides loans for a period of 1 to 10 years. The loan amount varies from 300 to 200,000 manat. The interest rate starts at 18 percent or higher. The portfolio is dominated by traditional business loans.
The organization has operated from the beginning of 2000. Its shareholders are TBC Bank (75%) and ShoreBank International (25%). - 15B -
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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