The micro credit portfolio increased in Azerbaijan in August of this year at $ 87.44 million, or 13.4%, to $ 740.16 million for 436.78 thousand clients. Since the beginning of the year the figure rose by 15%, and for the year - by 25 percent. The share of risky loans from the beginning of the year fell by 1 percentage point to 2%.
According to the Azerbaijan Microfinance Association (AMFA), the largest creditor to its members remains Accessbank, which accounted for 29% of all micro crediting.
Total registration was based on the 30 organizations involved in microfinance in the country. Their total assets are $ 4.26 billion. Of the micro credit borrowers 28% were women (7% less than at the end of last year).
The report reflected the AMFA loans ranging from $ 100 to $ 20,000. - 15V -
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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