In 2012, the total number of non-bank credit organizations operating in Azerbaijan increased by 8 to 133's.
As reported by the Central Bank, during the reported period, the number of branches of these institutions increased by 28 or 33% to 114. Most of all branches (31) are located in the Aran economic region.
In descending order of density of the branches Aran is followed by the Absheron economic region - 22 (+4 to the beginning of the year), Ganja-Gazakh economic region - 21 (+5), Lankaran economic region - 10 (+3), Sheki-Zagatala economic region - 10 (+4), Guba-Khachmaz economic region - 8 (3), Upland Shirvan economic region - 5 (1), Upper Karabakh economic region - 5 (2), and Nakhchivan economic region - 2 (0). There are no units in the Kalbadzhar-Lachin economic region. The number of organizations funded by international humanitarian organizations increased 1 point to 28. They accounted for 90 percent of existing branches.
During the reported period, 13 new licenses were acquired by credit unions, and 6 organizations lost them, 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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