Lending to the end of the first half of the year amounted to 72.15% of all active operations of commercial banks in the country.
According to the Central Bank of Azerbaijan, in Azerbaijan there are 44 banks. As as of July 1 this year, bank lending formally yielded its position in comparison with the beginning of the year, when this segment covered 73.53% of the total portfolio.
The total loan portfolio of banks was 16 billion 285 million against 14 billion 989.8 million manat as of January 1, 2014.
On July 1, banks' assets reached 22,569.8 million AZN versus 20,385.1 million AZN on January 1, 2014 and 16,530.4 million AZN by January 1, 2013. - 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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