The assets of JSC «Kredobank» by 1 January amounted to 169 million 322.35 thousand manat (+ 23.2% a year.) There are little funds on deposit accounts – 34 million on 786 thousand manats (+ 12.1%), of which household deposits account for 19 million 64 thousand manat (+ 46%).
According to the bank, the loan portfolio by the end of the reporting period amounted to 110 million 957,000 manat (+ 5.8%) for commitments of 117 million 410 thousandmManat (+ 42.8%).The bank's capital on 1 January totaled 51,911,880manat (minus 6.1%) at constant authorized capital -50.54 million manat.The Bank worked in the past year with a loss of 2,855,470manat. The JSC «Kredobank» has been operating since February 1994. The shareholders are seven legal entities with a specific weight of 30% of shares and seven individuals (70%). --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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