Bank deposits of the population in Azerbaijan on July 1, 2014 are 6 720.6 million (+5.1% YTD).
As stated in the CBA AR, the main growth was in June - 1.2% in May - 1.1%. Most manat deposits increased individuals (8%), amounting to 4 198.3 million or 62.5% of total deposits.
By July 1 of this year, the volume of bank deposits of residents (6 093.2 million manat) is almost 10 times higher than the deposits of non-residents (627.4 million manat) in the financial life of the country. As we reported earlier, amid scandals with the failed bank RoyalBank the share of non-residents’ money fell by 19.1%.
By the second half of the year, the aggregate amount of deposits in local banks was 13 991.4 mln. -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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