Moody’s Confirms Rating of Bank of Baku at B3 Stable
The international rating agency Moody's said that the rating of Bank of Baku on January 1 and July 1 remained stable at the level B3.
Based on the financial performance of the bank as of July 1, the total capital adequacy ratio was 19.5%, which is 10% above the minimum established by the Central Bank.
Previously the bank's profit was 9.3% of the total assets.
The volume of micro-credit in the Bank of Baku in 2015 amounted to 88 million 150 thousand AZN, which is 10.6% more than the year before.
The bank reports that the micro-credit portfolio in 2014 amounted to 79 million 678 thousand AZN.
There is reduction in lending consumer services, electronic cards and cars.
The consumer loan portfolio of the bank in 2015 amounted to 318 million 521,000 thousand AZN against 338 million 160 thousand AZN in 2014.
By credit card there was a decrease from 147 million 544 thousand AZN in 2014 to 129 million 364 thousand AZN.
Auto loans decreased from 62 million 535 thousand to 35 million 663 thousand.
Business loans decreased from 35 million 766 thousand AZN to 35 million 448 000 AZN.
The total loan portfolio of the bank amounted to 607 million 146 thousand against 663 million 683 thousand in 2014. -0-
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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