In January-June, the total number of non-bank credit organizations (NBCO) increased by 6 units to 131.
As reported by the Central Bank, during the period, the number of branches of these institutions increased by 24 or 28% to 110. Most of all branches (29) are located in the Aran economic region.
In the descending order of density of the branches, Aran is followed by the following regions: Absheron - 21 (three more branches to the beginning of the year), Ganja-Gazakh - 20 (+4), Lankaran - 10 (+3), Sheki-Zagatala - 10 (+4), Guba-Khachmaz - 8 (3), Nagorno-Shirvan - 5 (1), Upper Karabakh - 5 (2), and Nakhchivan - 2 (0). There are no units in the Kalbadzhar-Lachin economic region.
Compared with the beginning of the year, the number of NBCO funded by international humanitarian organizations remained at 27. They accounted for 84.5 percent of the available branches.
During the reported period, four new credit unions acquired licenses, and their number reached 103. - 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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