Total assets of non-bank credit organizations (NBCOs) on January 1, 2013 reached the level of AZN 401.49 mln. For the year the figure rose to 85.95 million or 27.2%. The share of the organizations funded by international humanitarian organizations accounted for 82% of the total value or 329.28 million manat.
According to the Central Bank, for year-end 2012 the share capital of 133 non-bank credit institutions reached 61.06 million manat, increasing during the year by 34.3%.
The number of branches of NBCOs operating in the country since the beginning of the year increased 28 to 114. Most of all branches (31) are located in the Aran economic region.
Compared with the end of 2011, the number of NBCOs financed by international humanitarian organizations has increased by 1 to 28. They accounted for 90 percent of existing branches.
During the reported period, 13 new licenses were acquired for credit unions, while 6 organizations lost permissions, with the total number coming to 104 units. - 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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