In the first half of the year the volume of mortgage loans from the Azerbaijan Mortgage Fund (AMF) decreased. According to the information of the Central Bank of AR (CBA), by 1 July it was 56.5 million AZN (minus 4.2 million or 6.9% over the same period last year).
According to the CBA, the AMF in January-June refinanced loans worth 37.8 million manat (minus 33.2%).
In the first half of the year the AMF received 23.9 million manats from the state budget to finance social mortgage.
In March 2006 the AMF began to issue mortgage loans. Its agents in the issuance of mortgage loans on commercial terms are 30 banks. In commercial terms, mortgage loans issued by Fund are raised from the issue of the Fund's own bonds. --17D-
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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