Joint JSC AzerTurk Bank posted a report (http://azerturkbank.az/wp-content/uploads/2015/05/Balans-hesabat%C4%B1-01.04.15.pdf) on the balance of payments as of 1 April this year.
Thus, the total loan portfolio (including consumer loans) of this financial structure has grown to the beginning of the year by 29% to 268 million 677.43 thousand manat. Total assets including the capital rose by 30% to 382 million 443.78 thousand AZN. The liabilities including long-term ones were 325 million 930.39 thousand manat.
The shareholders' equity at the end of the first quarter was equal to 56 million 513.39 thousand manat (+ 3.6% YTD), while the charter capital did not change and was 50 million AZN.
Placed on deposit accounts was 76 million 383.98 thousand manat (+ 54.7%). On the correspondent account in the Central Bank there was 35,910,000 AZN and on the accounts in other banks there was 18.45 million manat.
JSC AzerTurk Bank was established in May 1995. Its shareholders are the State Committee for Property Affairs (75%), ZiraatBank from Turkey (12.37%), the reinsurance company AzRe Tekrarsigorta (6.55%), the local life insurance company Qala Hayat Sigorta (5%) and Ziraat Bank International (1.08%). --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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