Active loan portfolio of non-bank credit organizations, LLC "Finca Azerbaijan" increased during the four months of this year to $ 13.78 million, or 8.6% to $ 165.74 million. In the structure of the portfolio, microcredit totaled 99.5%.
Assets of the company increased by $ 12.06 million, or 7.2%, reaching on May 1, 2013, the level of $ 178.93 million. Total number of customers of the company increased during the reporting period by 3.7% to 141.86 thousand persons.
The share of problem loans in the total loan portfolio, compared with the beginning of the year has decreased by 0.05 percentage points to 0.14%, and micro-credit - by 0.02 percentage points to 0.13%.
Total activity the company has issued loans totaling $ 709.69 million, including micro-credit - for $ 707.178 million.
"Finca Azerbaijan" was established in 1998. It is part of an international network of microfinance company "Finca International". The company provides loans for a period from three to 36 months. The loan amount varies from $ 50 - $ 50,000. The interest rate on the loans varies in the range of 36-45,6%. --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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