The CBA report on the total assets of local banks has been published. As of March 1, they make up 28 billion 632,500,000 manat (+ 13.7% YTD). Of these, the largest share (19 billion 169,900,000 manat or 67%) of the portfolio included loans granted to customers.
Correspondent accounts had 2 billion 16.3 million manat or 7% of total assets, investment was 2 billion 594,100,000 manat (9.1%), and cash - 1 billion 331,700,000 manat (4.7%).
Loans and deposits of the financial sector made up 1 billion 298 million manat (4.5% of total assets), and other assets were 2 billion 222,500,000 manat (7.8%).
Liabilities made up 24 billion 521,600,000 manat (85.64% of the total). Of these, deposits totaled 12 billion 470,200,000 manat, loans and deposits of the financial sector - 10 billion 385,900,000 manat, and other liabilities - 1 billion 665,500,000 manat. The share of bank capital is 14.36%, or 4 billion 110,900,000 manat.
By March 1 of this year 45 banks had licenses to operate. --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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