In December, the Azerbaijan Mortgage Fund (AMF) granted 157 loans worth 7,088,150 manat.
Judging by the structure the fourth quarter was not the worst in the past year - from October to January borrowers received 468 loans totaling 21,480,000 manat. The worst situation was in Q3 (341 loans for 15,575,640 AZN) and Q1 (433 loans for 19,043,130 manat). From April to July, there was a relative boom - 904 loans for 56,875,030 manat.
In total, over ten years AMF agent banks issued 17,925 mortgage loans worth 729,737,519 manat. --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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