On June 1, the total deposit portfolio of the local banks amounted to 18 billion 575.3 million Manat, of which household deposits were 7 billion 601.1 million Manat.
According to the Central Bank of Azerbaijan, all the banks in the reporting period (in Azerbaijan they are 45) involved cash deposits of 321 million 262 thousand Manat (minus 47.94% to June 1, 2014 - 617 million 67 thousand). This is the result of mistrust of the population to the real politics of the CBA, which for no reason or explanation resorted to the February devaluation of the national currency.
As a result, 2.03 times increased the level of payments on deposits - 834 million 354 thousand Manat as of 1 June this year against 410 million 317 thousand Manat a year earlier. The difference between the attraction of deposits and payouts amounted in aggregate 533 million 92 million AZN - last year there was a positive balance - 206 million 750 thousand Manat. --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review