![Rating of Bank of Baku Saved](https://turan.az/resized/./turan-750-500-resize.webp)
The rating of the Bank of Baku is stable, as well as last year, and left at the level of B1.
According to the latest report of the international agency Moody's, that was contributed by the high quality of the bank assets, compared with competitors, the level of profitability, and the ability to cover the financial risks due to the high level of capital adequacy.
The report is on the link http://www.bankofbaku.com/az/about/reports/mezhdunarod-reiting. It is noted that it is a leading financial framework for the provision of consumer loans, and it has the biggest receivables. Almost the entire loan portfolio (96%) consists of consumer loans, car loans and credit cards.
Last year, the portfolio increased by 8% (in 2013 by 35% and a year earlier - 58%). The slowdown follows the new measures introduced by the Central Bank, motivated by the desire to reduce the potential risk of overheating in the consumer finance sector. The agency's analysts expect this year's growth of the loan portfolio by 15-20%.
The stability of the bank is due to the fact that its largest shareholder, NAB Holding (40% of the stake) operates in Turkey and is characterized by a variety of investments - in the automotive industry, consumer electronics trade and tourism. --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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