According to the Central Bank of Azerbaijan (CBA), credit institutions of Azerbaijan in the aggregate issued 15.82 billion manat of consumer and business loans with a specific weight of overdue loans at 8.7% or AZN 1 billion 375.6 million by November 1.
According to official statistics, a month's loan portfolio "lost" almost a billion in the national currency (by October 1, it was equal to AZN 16 billion 785.1 million with overdue AZN 1 billion 597.3 million).
The loan portfolio in the national currency by November 1 made up 53.8% or AZN 8 billion 509.5 million with overdue 632.3 million manat or 7.4%. Overdue loans in foreign currency made up AZN 743.3 million, or 10.2%.
Thus, the share of overdue loans is growing. Last year, due to the devaluation it rose from 5.3% in 2014 to 6.9%, or AZN 1 billion 508.5 million. --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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